Blackstone Private Credit Fund (BCRED)

Institutional caliber private credit for income-focused investors(1)

as of October 31, 2024 unless stated otherwise

10.3% 

annualized distribution rate
as of November 20242

10.4%

annualized ITD total return3

$25.52

net asset value per share

  • For existing Shareholders only

    Highlights from BCRED’s Q3 2024 Shareholder Event

  • For existing Shareholders only

    Q3 2024 Shareholder Letter

  • For existing Shareholders only

    BCRED: Driving Long Term Results for Investors

Highlights from BCRED’s Q3 Shareholder Event

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Q3 2024 Shareholder Letter

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BCRED: Driving Long Term Results for Investors

The team reflects on what we’ve accomplished so far with your support and looks forward to what’s ahead.
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Defensive Portfolio Positioning

BCRED has built a scaled private credit portfolio focused on providing floating rate, senior secured loans to large, performing companies.
our portfolio

One-on-One with Gilles Dellaert

Gilles Dellaert, Global Head of Blackstone Credit & Insurance, explains how – contrary to what you might read in the headlines – private credit can help create a more resilient financial system.

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Positioned to Deliver Throughout Market Cycles

We believe BCRED’s portfolio is well-positioned to successfully navigate various market cycles. Leveraging the breadth of the broader Blackstone Credit & Insurance platform, we believe we have the insights and expertise to identify early trends and target sectors to make informed investment decisions.

Recognized by Industry Awards

BCRED taps into opportunities across Blackstone’s credit capabilities to provide a potential defensive income solution.

Brad Marshall

Chairman & Co-Chief Executive Officer of BCRED

Performance

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Why Blackstone

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Data is as of October 31, 2024, unless otherwise indicated. Returns for periods greater than one year are annualized. Past performance does not predict future returns and there can be no assurance that the fund will achieve results to those of any of Blackstone Credit & Insurance’s prior funds or be able to implement its strategy or achieve its investment objectives, including due to an inability to access sufficient investment opportunities.

Use of Leverage. BCRED intends to borrow money. If returns on such investment exceed the costs of borrowing, investor returns will be enhanced. However, if returns do not exceed the costs of borrowing, BCRED performance will be depressed. This includes the potential for BCRED to suffer greater losses than it otherwise would have. The effect of leverage is that any losses will be magnified. The use of leverage involves a high degree of financial risk and will increase BCRED’s exposure to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of the Investments. This leverage may also subject BCRED and its Investments to restrictive financial and operating covenants, which may limit flexibility in responding to changing business and economic conditions. For example, leveraged entities may be subject to restrictions on making interest payments and other distributions.

  1. Refers to BCRED’s portfolio and not the terms of the offering. Individual investors should be aware that institutional investors generally make investments on different terms from individual investors.
  2. Annualized Distribution Rate reflects November’s distribution annualized and divided by last reported NAV from October. Distributions are not guaranteed. Past performance does not predict future returns. Distributions have been and may in the future be funded through sources other than net investment income. See BCRED’s prospectus. Please visit the Shareholders page on BCRED’s website for notices regarding distributions subject to Section 19(a) of the Investment Company Act of 1940. We cannot guarantee that we will make distributions, and if we do we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. As of October 31, 2024, 100% of inception to date distributions were funded from net investment income or realized short-term capital gains, rather than a return of capital. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price. Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
  3. Inception date for Class I and Class S shares: January 7, 2021. Inception date for Class D shares: May 1, 2021. Total Net Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Returns greater than one year are annualized. All returns are derived from unaudited financial information and are net of all BCRED expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than one year. Past performance does not predict future returns. Class D and Class S listed as (With Upfront Placement Fee) reflect the returns after the maximum upfront placement fees. Class D and Class S listed as (No Upfront Placement Fee) exclude upfront placement fees. Class I does not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in BCRED’s portfolios which are estimates of fair value and form the basis for BCRED’s NAV. Valuations based on unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated.
  4. Awarded by Private Debt Investor on March 1, 2022, covering the 2021 calendar year, on March 1, 2023, covering the 2022 calendar year, and on March 1, 2024, covering the 2023 calendar year. Blackstone has provided compensation to Private Debt Investor for the ability to communicate the results of this award. Blackstone Credit & Insurance won Americas BDC Manager of the Year in 2021, but did not win this award in 2022 or 2023. Blackstone Credit & Insurance won Global Fund Manager of the Year in 2021 and 2023, but did not win this award in 2022. Blackstone Credit & Insurance won Americas Deal of the Year in 2021, but did not win this award in 2022 or 2023. Blackstone won Global CLO Manager of the Year in 2021, but did not win this award in 2022 or 2023. Blackstone won Global Responsible Investor of the Year in 2021 and 2022, but did not win this award in 2023. Blackstone Credit & Insurance won Americas Junior Lender of the Year in 2023, but did not win this award in 2021 or 2022. The following were awarded to Blackstone Credit & Insurance for the European region: Europe Lender of the Year 2022 (did not win in 2021 or 2023) and Europe Junior Lender of the Year 2022 (did not win in 2021 or 2023). The awards described above may not be representative of any one client’s experience with Blackstone Credit & Insurance and past performance does not predict future returns. The awards herein were provided by Private Debt Investor, a publication addressing private credit markets, and cover the 2021, 2022, and 2023 calendar years. Private Debt Investor determines its industry awards annually by way of nominations and an online reader poll that prompts readers to vote for a particular firm in one or more of multiple enumerated categories, including those shown above and therefore is based on subjective criteria. In addition, their selection to receive the awards and/or their rankings may have been based on a limited universe of participants, and therefore there can be no assurance that a different sampling of participants might not have achieved different results. For the avoidance of doubt, references in this section to information about Blackstone Credit & Insurance from December 31, 2023 or prior refer solely to the Blackstone Credit BDC Advisors LLC and Blackstone Alternative Credit Advisors LP, collectively with their credit-focused affiliates within Blackstone Credit & Insurance.
  5. Awarded by Money Management Institute (“MMI”) /Barron’s on October 17, 2024, for the period dated June 2023 – June 2024. The award described above may not be representative of any one client’s experience with Blackstone, and past performance does not predict future returns. The award herein was provided by MMI, an industry association representing financial services firms that provide financial advice and investment advisory solutions to investors, and Barron’s, a publication that reports on investing and the financial sector. Per MMI, the awards recognize companies that demonstrate leadership in advancing advisory solutions for investors and financial advisors. The criteria for awards provided by MMI/Barron’s including the award shown above may be based on subjective criteria, and are not intended to be, nor should they be construed as or relied upon as, any indication of future performance or other future activity. In addition, their selection to receive the awards and/or their rankings may have been based on a limited universe of participants, and therefore there can be no assurance that a different sampling of participants might not have achieved different results.

Important Disclosure Information

Local, regional or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or (e.g., COVID-19), recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global economies and have a significant impact on the Fund and its investments. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility, and many of the risks discussed herein associated with an investment in the Fund may be increased.

Summary of Risk Factors

Blackstone Private Credit Fund (“BCRED”) is a non-exchange traded business development company (“BDC”) that expects to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). This investment involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the prospectus carefully for a description of the risks associated with an investment in BCRED. These risks include, but are not limited to, the following:

  • There is no assurance that we will achieve our investment objectives.
  • This is a “blind pool” offering and thus you will not have the opportunity to evaluate our investments before we make them.
  • You should not expect to be able to sell your shares regardless of how we perform.
  • You should consider that you may not have access to the money you invest for an extended period of time.
  • We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing.
  • Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.
  • We have implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.
  • An investment in our common shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the prospectus. 
  • You will bear substantial fees and expenses in connection with your investment. See “Fees and Expenses” in the prospectus.
  • We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price.
  • Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Blackstone Credit BDC Advisers (the “Adviser”) or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
  • We use and continue to expect to use leverage, which will magnify the potential for loss on amounts invested in us.
  • We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
  • We do not own the Blackstone name, but we are permitted to use it as part of our corporate name pursuant to the investment advisory agreement between BCRED and an affiliate of Blackstone Inc. (“Blackstone”). Use of the name by other parties or the termination of the use of the Blackstone name under the investment advisory agreement may harm our business.

Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if the prospectus is truthful or complete. Any representation to the contrary is unlawful.

This website must be read in conjunction with the BCRED prospectus in order to fully understand all the implications and risks of an investment in BCRED. This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus, which must be made available to you prior to making a purchase of shares in connection with this offering and is available at https://www.bcred.com/prospectus. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contains a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition.

Numerical data is approximate and as of October 31, 2024, unless otherwise noted. The words “we”, “us”, and “our” refer to BCRED, unless the context requires otherwise.

Forward-Looking Statement Disclosure

Certain information contained in this communication constitutes “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements can be identified by the use of forward-looking terminology, such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “can,” “will,” “could,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates”, “confident,” “conviction,” “identified” or the negative versions of these words or other comparable words thereof. These may include BCRED’s financial estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward‐looking statements are inherently subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BCRED believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its prospectus and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or BCRED’s prospectus and other filings). Except as otherwise required by federal securities laws, BCRED undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Blackstone Securities Partners L.P. (“BSP”) is a member of FINRA and is a broker-dealer whose purpose is to distribute Blackstone managed or affiliated products. BSP provides services to its Blackstone affiliates, not to investors in its funds, strategies or other products. BSP does not make any recommendation regarding, and will not monitor, any investment. As such, when BSP presents an investment strategy or product to an investor, BSP does not collect the information necessary to determine—and BSP does not engage in a determination regarding—whether an investment in the strategy or product is in the best interests of, or is suitable for, the investor. You should exercise your own judgment and/or consult with a professional advisor to determine whether it is advisable for you to invest in any Blackstone strategy or product. Please note that BSP may not provide the kinds of financial services that you might expect from another financial intermediary, such as overseeing any brokerage or similar account. For financial advice relating to an investment in any Blackstone strategy or product, contact your own professional advisor.