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Performance

As of October 31, 2024

Committee Charters

Document Name	View
Audit Committee Charter	DOWNLOAD
Nominating and Governance Committee Charter	DOWNLOAD

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. Institutional quality refers to the types of investments that have the characteristics, such as size and attributes, to merit attention from institutional investors. 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 S and Class D listed as (With Upfront Placement Fee) reflect the returns after the maximum upfront placement fees. Class S and Class D 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. BCRED will generally invest in securities or loans rated below investment grade or not rated which should be considered to have speculative characteristics. See Summary of Risk Factors for more information.
5. January 2022 reflects the period prior to the Federal Reserve’s series of rate increases.
6. Blackstone products are subject to the risk of capital loss and investors may not get back the amount originally invested.
7. As of September 30, 2024. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recently available information. Includes all private debt investments for which fair value is determined by the Board in conjunction with a third-party valuation firm and excludes quoted assets. Amounts are weighted on fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by BCRED, and may reflect a normalized or adjusted amount. Accordingly, BCRED makes no representation or warranty in respect of this information.
8. BCRED selected these portfolio companies to present an objective, non-performance based standard of showing BCRED’s two largest privately negotiated positions in each of top three largest industries (in each case to the extent BCRED is authorized to disclose such privately negotiated positions), calculated by fair value as of October 31, 2024. The top three industries as of October 31, 2024 are Software, Professional Services, Health Care Providers & Services.
9. As of September 30, 2024. Average last-twelve-month (“LTM”) LTM EBITDA includes all private debt investments for which fair value is determined by BCRED’s Board of Trustees (“Board”) in conjunction with a third-party valuation firm and excludes quoted assets. EBITDA is a non-GAAP financial measure. For a particular portfolio company, LTM EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization over the preceding 12-month period. Amounts are weighted on fair market value of each respective investment. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by BCRED, and may reflect a normalized or adjusted amount. Accordingly, BCRED makes no representation or warranty in respect of this information.
10. As of September 30, 2024. Based on Blackstone analysis of company earnings presentations and calls or latest publicly available data.
11. Past performance does not predict future returns. Actual results may vary. Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market.
12. Measured as the fair market value of investments for each category against the total fair market value of all investments. Totals may not sum due to rounding. BCRED’s investments in Joint Ventures, which have similar underlying qualities, are excluded from the asset allocation chart and the industry top 5.
13. As a percentage of BCRED’s investment portfolio excluding equity investments in joint ventures, which have similar portfolio composition and underlying qualities.
14. Based on annualized industry default rates from 2007 to 2021 per Fitch US Leveraged Loan Default Insight Report, August 2022. BCRED and benchmark industry shares as of June 2023. Industry Benchmark refers to S&P LSTA Leverage Loan Index. GICS Industry Classifications reclassified as comparable Fitch Industries for comparison purposes.
15. Private credit market represented as the average LTM EBITDA of issuer companies of loans in the Lincoln International Private Market Database as of September 30, 2024. The “Lincoln International Private Market Database,” compiled by the Lincoln Valuations & Opinions Group (“VOG”), is a quarterly compilation of over 4,750 portfolio companies from a wide assortment of private equity investors and non-bank lenders. Most of these companies are highly levered with debt financing provided via the direct lending market and in many instances, Lincoln estimates the fair value of at least one senior debt security in the portfolio companies’ capital structures. In assessing the data, VOG relies on commonly accepted valuation methodologies and each valuation analysis is unique and conforms to fair value accounting principles. The analyses are then vetted by auditors, fund managers and their board of directors, as well as other regulators. © 2024 Lincoln Partners Advisors LLC. All rights reserved. Used with permission. Third party use is at user’s own risk.
16. As of September 30, 2024. Based on Blackstone Credit & Insurance analysis of company earnings presentations and calls and latest publicly available data published by Blackstone Credit & Insurance’s peers.
17. As of September 30, 2024. This represents Blackstone Credit & Insurance’s track record in direct lending, dating back to 2005 before BCRED’s inception.
18. As of September 30, 2024. Based on publicly reported total net assets of both traded and non-traded BDCs.
19. Direct Lending Deals and Blackstone Credit & Insurance, as of February 9, 2023. Includes Blackstone Credit & Insurance and the rest of the private market. Direct Lending Deals, “Key lenders prep more records for jumbo unitranche loans amid volatility.” December 31, 2023
20. As of September 30, 2024. Reflects issuers and sponsors across all asset types within Private Corporate Credit, Liquid Corporate Credit, and Infrastructure & Asset Based Credit, excluding FX derivatives and LP interests.
21. As of September 30, 2024.
22. As of September 30, 2024. The annualized loss rate represents annualized net losses for substantially realized investments. Whether an investment is substantially realized is determined in the manager’s discretion. Investments are included in the loss rate if (1) a payment was missed, (2) bankruptcy was declared, (3) there was a restructuring, or (4) it was realized with a total multiple on invested capital less than 1.0x. Net losses include all profits and losses associated with these investments, including interest payments received. Net losses are represented in the year the investment is substantially realized and excludes all losses associated with unrealized investments. The annualized net loss rate is the net losses divided by the average annual remaining invested capital within the platform. Investments sourced by Blackstone Credit & Insurance for the Sub-Advised Investments did, in certain cases, experience defaults and losses after Blackstone Credit & Insurance was no longer sub-adviser, and such defaults and losses are not included in the rates provided. Prior to December 31, 2022, the methodology used by the North America Direct Lending track record for calculating the platform’s average annual loss rate was based on net loss of principal resulting only from payment defaults in the year of default which would exclude interest payments. Past performance does not predict future returns, and there can be no assurance that Blackstone Credit & Insurance will achieve comparable results or that any entity or account managed by or advised by Blackstone Credit & Insurance will be able to implement its investment strategy or achieve its investment objectives.
23. As of September 30, 2024. Numbers presented are since inception of the Value Creation Program in 2016. Data presented is based on internal Blackstone data recorded and not from financial statements of portfolio companies. Represents the sum of (a) estimated identified total cost reduction at the time cost is benchmarked with portfolio companies multiplied by the average enterprise value multiple across the portfolio, by finding the mean of the enterprise value multiples at time of BXCI’s initial investments, and (b) total revenue from introductions across Blackstone portfolio companies multiplied by EBITDA margin and multiple at investment of the portfolio company, with the exception of significantly longer term projects (projects that are greater than or equal to 10 years in project duration) in which total revenue is multiplied by EBITDA margin. The number is presented for illustrative purposes and does not reflect actual realized proceeds to BXCI, to the Fund, or to the equity sponsor or the company, and there can be no assurance that realized proceeds received by Blackstone or any investor in a Blackstone fund will be increased as a result.
24. 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 Responsible Investor of the Year in 2022, but did not win this award in 2021 or 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.
25. 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.