About BCRED

Blackstone Private Credit Fund (BCRED) seeks to provide current income and long-term capital appreciation

Current Income Generation

BCRED seeks to provide attractive income by focusing on senior secured loans with favorable terms

Senior Positions

BCRED looks for opportunities senior in the capital structure with meaningful covenants

Blackstone Credit’s Platform

Blackstone Credit is a leading institutional credit platform with significant scale and extensive experience in private markets

Beneficial Structure

BCRED offers expected monthly distributions⁽¹⁾ and subscriptions, expected quarterly liquidity⁽²⁾ and simplified tax reporting

Seeks to capitalize on opportunities across private credit

Strategically focused on direct lending with dynamic exposure to a range of private credit

Private Credit

Predominantly direct lending through first-lien senior secured loans to U.S. companies, including large corporate lending, upper-middle market lending, and anchor investments

Also invests in second lien, unsecured, and mezzanine debt; syndicated loans for which we may be an anchor investor; European direct lending; and other private investments

Opportunistic

Publicly traded securities of larger corporate issuers

Frequently Asked Questions

We expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly U.S. direct lending through first lien senior secured and unitranche loans to U.S. private companies, as well as second lien, unsecured, subordinated or mezzanine loans, structured credit, broadly syndicated loans (for which we may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities.

An originated loan is a loan where we lend directly to the borrower and hold the loan generally on our own or with only other Blackstone Credit affiliates. This is distinct from a syndicated loan, which is generally originated by a bank and then syndicated, or sold, in several pieces to other investors. Originated loans are generally held until maturity or until they are refinanced by the borrower. Syndicated loans often have liquid markets and can be traded by investors.

BCRED focuses on direct lending, providing debt capital to companies without the use of intermediaries. BCRED intends to lend primarily to U.S. private companies across a range of sectors. The BCRED team looks for companies it believes are in defensive sectors that are poised to withstand potential headwinds and are leaders in their space.

BDCs are closed-end investment companies that elect to be regulated under the Investment Company Act of 1940. BDCs generally must invest at least 70% of their total assets in “qualifying assets,” which are generally private U.S. companies or public companies with <$250 million in market capitalization.

In order to qualify as Regulated Investment Companies, BDCs are required to distribute at least 90% of their income annually and have pass-through tax structures with a single layer of taxation. Additionally, BDCs provide quarterly and annual reporting.

Key Terms

Term
Structure	Non-traded business development company (BDC); perpetually offered
Investment Adviser	Blackstone Credit BDC Advisors LLC, an affiliate of Blackstone
Maximum offering⁽³⁾	$36.5 billion
Primary Focus	U.S. senior secured private loans
Geographic	U.S. and, to a lesser extent, Europe and other non-U.S. locations
Management Fee	1.25% per annum on NAV
Incentive Fee	• 12.5% of income (subject to 5% hurdle rate and catch-up) paid quarterly • 12.5% of realized gains net of realized and unrealized losses
Subscriptions⁽⁴⁾	Monthly at NAV
Distributions⁽⁵⁾	Monthly
Expected Liquidity⁽²⁾	• Quarterly repurchases at NAV as of each quarter end • Quarterly repurchases are limited to 5.0% of aggregate shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter • Shares not held for one year will be repurchased at 98% of NAV • The Board of Trustees may amend, suspend or terminate these share repurchases or waive the early repurchase deduction in its discretion
Tax Reporting	Form 1099-DIV
Investor Eligibility⁽⁶⁾	Either (1) a net worth of at least $250,000 or (2) a gross annual income of at least $70,000 and a net worth of at least $70,000. Certain states have additional suitability standards. See the prospectus for more information.

Share Class-Specific Fees

Fee Type	Class I	Class D	Class S
Availability	Through fee-based (wrap) programs, registered investment advisers and other institutional and fiduciary accounts	Through fee-based (wrap) programs, registered investment advisers and other institutional and fiduciary accounts	Through transactional/ brokerage accounts
Initial Investment⁽⁷⁾	$1,000k	$2,500	$2,500
Upfront Placement Fee⁽⁸⁾	None	Up to 1.5%	Up to 3.5%
Distribution/Servicing Fee (per annum, payable monthly)	None	0.25%	0.85%

Note: Terms are indicative and subject to change.

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Distributions are not guaranteed. Distributions have been and may in the future be funded through sources other than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds. See “Important Disclosure Information” and BCRED’s prospectus.
Quarterly tender offers are expected but not guaranteed. See BCRED’s prospectus.
This is the amount currently registered with the SEC. We may register additional shares in the future.
Offered on an ongoing basis. Subscription orders for purchases will be accepted on the first day of each month. Subscription requests must be received at least five business days before the first day of each month and NAV will be available generally 20 business days after the effective date of the purchase.
There is no assurance we will pay distributions in any particular amount, if at all. Any distributions we make will be at the discretion of our Board of Trustees. We have funded and may in the future fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources.
Select broker-dealers may have different suitability standards, may not offer all share classes, an/or may offer BCRED at a higher minimum initial investment than $2,500.
BSP may elect to accept smaller investments in its discretion.
No upfront sales load will be paid with respect to Class S shares, Class D shares or Class I shares, however, if you buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Selling agents will not charge such fees on Class I shares.

Important Disclosure Information

Certain countries have been susceptible to epidemics or pandemics, most recently Covid-19. The outbreak of such epidemics or pandemics, together with any resulting restrictions on travel or quarantines imposed, has had and will likely continue to have a negative impact on the economy and business activity globally (including in the countries in which BCRED invests), and thereby is expected to adversely affect the performance of BCRED’s investments. Furthermore, the rapid development of epidemics or pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, present material uncertainty and risk with respect to BCRED and the performance of its investments or operations.

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:

We have limited prior operating history and 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 Advisors LLC (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. (together with its affiliates, “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 www.BCRED.com. 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 February 28, 2023, 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 and the Private Securities Litigation Reform Act of 1995. 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,” “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 uncertain and there are or may 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.

Index Definitions. The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the US leveraged loan market based upon market weightings, spreads and interest payments. Bloomberg US Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Index Definitions. The Cliffwater Direct Lending Index (CDLI) seeks to measure the unlevered, gross of fee performance of U.S. middle market corporate loans, as represented by the asset-weighted performance of the underlying assets of Business Development Companies (BDCs), including both exchange-traded and unlisted BDCs, subject to certain eligibility requirements. Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the US leveraged loan market based upon market weightings, spreads and interest payments. Bloomberg US Corporate High Yield Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. Bloomberg US Treasury Index is a rules-based, market-value weighted index engineered to measure the performance and characteristics of fixed rate coupon US Treasuries which have a maturity greater than 12 months. To be included in the index a security must have a minimum par amount of $1 billion. Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. Bloomberg US Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis. is a rules-based, market-value weighted index engineered to measure the performance and characteristics of fixed rate coupon US Treasuries which have a maturity greater than 12 months. To be included in the index a security must have a minimum par amount of $1 billion. Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. Bloomberg US Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Index Comparison

The volatility and risk profile of the indices presented in this document is likely to be materially different from that of the Fund. In addition, the indices employ different investment guidelines and criteria than the Fund and do not employ leverage; as a result, the holdings in the Fund and the liquidity of such holdings may differ significantly from the securities that comprise the indices. The indices are not subject to fees or expenses and it may not be possible to invest in the indices. A summary of the investment guidelines for the indices presented are available upon request.