Performance

As of October 31, 2021

Performance

Annualized Distribution Rate(1)

8.06%

NAV Per Share

$25.93

Total Net Return(2)

Share Class 1-Month 3-Month YTD
Class I 0.79% 2.54% 10.77%

Historical Performance

Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct
2021 1.46% 1.00% 1.09% 0.98% 1.43% 1.16% 0.64% 0.83% 0.91% 0.79%

Historical NAV Per Share

Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct
2021 $25.25 $25.36 $25.49 $25.59 $25.80 $25.81 $25.80 $25.84 $25.90 $25.93

Historical Distribution Per Share

Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sept 2021 Oct 2021 YTD
Dividend Distribution $0.12 $0.14 $0.15 $0.15 $0.16 $0.17 $0.17 $0.17 $0.17 $0.17 $1.57
Special Cash Distribution $0.12 $0.12

Annualized Distribution Rate(1)

7.81%

NAV Per Share

$25.93

Total Net Return(2)

Share Class 1-Month 3-Month YTD
Class D (No Upfront Placement Fee) 0.77% 2.48% 5.76%
Class D (With Upfront Placement Fee)(3) -0.73% 0.95% 4.17%

Historical Performance

Share Class Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sept 2021 Oct 2021
Class D (No Upfront Placement Fee) 1.41% 1.14% 0.61% 0.81% 0.88% 0.77%
Class D (With Upfront Placement Fee)(3) -0.11% -0.36% -0.88% -0.69% -0.62% -0.73%

Historical NAV Per Share

Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct
2021 $25.59 $25.80 $25.81 $25.80 $25.84 $25.90 $25.93

Historical Distribution Per Share

Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 YTD
Dividend Distribution $0.15 $0.16 $0.17 $0.17 $0.17 $0.17 $0.98
Special Cash Distribution $0.12 $0.12

Annualized Distribution Rate(1)

7.21%

NAV Per Share

$25.93

Total Net Return(2)

Share Class 1-Month 3-Month YTD
Class S (No Upfront Placement Fee) 0.72% 2.33% 10.01%
Class S (With Upfront Placement Fee)(3) -2.81% -1.27% 6.15%

Historical Performance

Share Class Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sept 2021 Oct 2021
Class S (No Upfront Placement Fee) 1.46% 0.93% 1.02% 0.91% 1.36% 1.09% 0.56% 0.76% 0.83% 0.72%
Class S (With Upfront Placement Fee)(3) -2.16% -2.62% -2.52% -2.60% -2.19% -2.46% -2.97% -2.78% -2.70% -2.81%

Historical NAV Per Share

Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct
2021 $25.25 $25.36 $25.49 $25.59 $25.80 $25.81 $25.80 $25.84 $25.90 $25.93

Historical Distribution Per Share

Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sept 2021 Oct 2021 YTD
Dividend Distribution $0.10 $0.13 $0.13 $0.13 $0.14 $0.15 $0.16 $0.16 $0.16 $0.16 $1.40
Special Cash Distribution $0.12 $0.12

Portfolio Positioning

$21.8B

Total Asset Value

99%

Floating Rate

Asset Type(4)

Sector(4)

BCRED Literature and Resources

Overview Presentation

Brochure

Fact Card

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Data is as of October 31, 2021, unless otherwise indicated. Returns for periods greater than one year are annualized. Past performance is not necessarily indicative of future results and there can be no assurance that the fund will achieve results to those of any of Blackstone Credit’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.

  1. Annualized Distributed Rate reflects the current month’s distribution annualized and divided by the prior month’s NAV.
  2. 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. 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 is historical and not a guarantee of future results. 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.
  3. Assumes the maximum amount of upfront placement fees that selling agents may charge (1.5% Class D and 3.5% for Class S).
  4. Measured as the fair value of investments for each category against the total fair value of all investments. Totals may not sum due to rounding.

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, could have a negative impact on the economy and business activity globally (including in the countries in which BCRED invests), and thereby could 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 of beneficial interest (“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. (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 a criminal offense.

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 June 30, 2021, 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 website constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words, or the negatives thereof. These may include our financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. 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 any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which will be 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, we undertake 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”), a subsidiary of Blackstone through which Blackstone conducts its capital markets business and certain of its fund marketing and distribution, member FINRA.

BSP 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. S&P/LSTA 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 Barclays 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 Barclays 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 Barclays US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. Bloomberg Barclays 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.