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. As of May 31, 2025, 100% of inception to date distributions were funded from net investment income or realized capital gains, rather than a return of capital. See “Important Disclosure Information” and BCRED’s prospectus.
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.
Quarterly tender offers are expected but not guaranteed. We have implemented a share repurchase program under which, at the discretion of our Board, we intend to offer to repurchase, in each quarter, up to 5% of shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. 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 BCRED shares has limited or no liquidity outside of our share repurchase program, and the BCRED board of trustees may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in BCRED’s best interest and the best interest of BCRED shareholders, such as when a repurchase offer would place an undue burden on BCRED liquidity, adversely affect operations or risk having an adverse impact on BCRED that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. Shares not held for one year will be repurchased at 98% of NAV. See BCRED’s prospectus for more information.
This is the amount currently registered with the SEC. We may register additional shares in the future.
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.
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.
As of December 31, 2024 and denominator used to calculate annual expenses is based on the total average net assets for the year ended December 31, 2024, attributable to BCRED’s common shares as of such date. “Annual Expenses” are composed of Base management fees, Incentive fees, Shareholder servicing and/or distribution fees, Interest payments on borrowed funds (“interest expense”), and Other expenses, as set forth in more detail in BCRED’s prospectus. Actual expenses may be greater or less than shown and these figures should not be considered a representation of future expenses. Other expenses include professional fees, Board of Trustees’ fees, administrative service expenses, other general and administrative costs, organization costs, amortization of continuous offering costs and excise tax expense. Other expenses represent the estimated annual other expenses of BCRED and its consolidated subsidiaries based on actual amounts of other expenses for the year ended December 31, 2024. Further, on October 5, 2020, BCRED entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Blackstone Credit BDC Advisors LLC (the “Adviser”), pursuant to which the Adviser may elect to pay certain of BCRED’s expenses on BCRED’s behalf, including organization and offering expenses (but no interest expense or shareholder servicing and/or distribution fees of BCRED) and will be entitled to reimbursement of such expenses from BCRED if Available Operating Funds (as defined in the prospectus) exceed the cumulative distributions accrued to BCRED’s shareholders. Because the Adviser’s obligation to pay certain of our expenses is voluntary, the table above does not reflect the impact of any expense support from the Adviser. BCRED borrows funds to make investments. The costs associated with such borrowing may change over time, including due to interest rates on borrowing and utilization, and will be indirectly borne by BCRED shareholders. The interest expense used herein is estimated based on actual amounts of the interest payment on borrowed funds incurred during the year ended December 31, 2024, divided by BCRED’s weighted average net assets for the year ended December 31, 2024. Although leverage has the potential to enhance overall returns that exceed BCRED’s cost of funds, it will further diminish returns (or increase losses on capital) to the extent overall returns are less than BCRED’s cost of funds.
Based on Annual Expenses as set forth above, exclusive of interest expense. See explanation above for important information.
