Blackstone Private Credit Fund

04/17/2025 | Press release | Distributed by Public on 04/17/2025 05:25

Private Placement, Regulation FD Disclosure (Form 8-K)

Item 3.02 - Unregistered Sale of Equity Securities.
As of April 1, 2025, Blackstone Private Credit Fund (the "Fund") sold unregistered Class I common shares of beneficial interest (with the final number of shares being determined on April 16, 2025) to feeder vehicles primarily created to hold the Fund's Class I shares. The offer and sale of these Class I shares was exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation S thereunder (the "Private Offering"). The following table details the shares sold:
Date of Unregistered Sale Amount of Class I Common Shares Consideration
As of April 1, 2025 (number of shares finalized on April 16, 2025)
23,761,071 $ 599,967,043
Item 7.01 - Regulation FD Disclosure.
April 2025 Distributions
On April 16, 2025, the Fund declared regular distributions for each class of its common shares of beneficial interest (the "Shares") in the amounts per share set forth below:
Gross Distribution Shareholder Servicing and/or Distribution Fee Net Distributions
Class I Common Shares $ 0.2200 $ 0.0000 $ 0.2200
Class S Common Shares $ 0.2200 $ 0.0179 $ 0.2021
Class D Common Shares $ 0.2200 $ 0.0053 $ 0.2147
The distributions for each class of Shares are payable to shareholders of record as of the open of business on April 30, 2025 and will be paid on or about May 27, 2025.
These distributions will be paid in cash or reinvested in Shares for shareholders participating in the Fund's distribution reinvestment plan.
Item 8.01 - Other Events.
Net Asset Value
The net asset value ("NAV") per share of each class of the Fund as of March 31, 2025, as determined in accordance with the Fund's valuation policy, is set forth below.
NAV as of March 31, 2025
Class I Common Shares $ 25.25
Class S Common Shares $ 25.25
Class D Common Shares $ 25.25
As of March 31, 2025, the Fund's aggregate NAV was approximately $41.8 billion, the fair value of its investment portfolio was approximately $69.2 billion, and it had approximately $30.1 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during March 2025 was approximately 0.72 times. As of March 31, 2025, the Fund had approximately $39.1 billion in committed debt capacity, with 90% in floating rate leverage, of which 67% is secured, and 10% in fixed rate leverage, of which 82% is unsecured, based on drawn amounts.1The Fund's leverage sources are in the form of a corporate revolver (6%), asset-based credit facilities (35%), unsecured bonds (38%), secured short term indebtedness (1%), and collateralized loan obligation (CLO) and other secured debt instruments (20%) based on drawn amounts.
1 Certain Notes are classified for the purposes of this filing as floating rate as a result of the Fund entering into interest rate swaps to effectively swap fixed notes payments for floating rate payments.
Status of Offering
The Fund is currently publicly offering on a continuous basis up to $45.0 billion in Shares (the "Offering"). Additionally, the Fund has sold unregistered shares as part of the Private Offering. The following table lists the Shares issued and total consideration for both the Offering and the Private Offering as of the date of this filing, reflective of transfers between share classes. The table below does not include Shares sold through the Fund's distribution reinvestment plan. The Fund intends to continue selling Shares in the Offering and the Private Offering on a monthly basis.
Common Shares Issued Total Consideration
Offering:
Class I Common Shares 548,135,092 $ 13.9 billion
Class S Common Shares 537,781,244 $ 13.7 billion
Class D Common Shares 24,979,975 $ 0.7 billion
Private Offering:
Class I Common Shares 754,051,024 $ 19.2 billion
Class S Common Shares - -
Class D Common Shares - -
Total Offering and Private Offering* 1,864,947,335 $ 47.5 billion
*Amounts may not sum due to rounding