Portfolio

Defensive Portfolio Positioning

BCRED has built a scaled private credit portfolio focused on providing floating rate, senior secured loans to large, performing companies.1

$51.5B

investments at fair value

97%

senior secured debt2

98%

floating rate debt2

44%

average loan to value3

BCRED’s portfolio has broad exposure to 500+ quality companies1 in 50+ sectors4

Senior Secured

Focused on senior secured loans which can provide greater capital protection5 by sitting at the top of the capital structure with significant equity support underneath

Asset Allocation6

Resilient Sectors

Thematically invests in historically resilient and low default sectors

Top 5 Industries6

High-Quality Companies<sup>1</sup>

Primarily lends to large, performing companies that have historically been more durable than smaller companies

Average Issuer EBITDA7

Mimecast

Software

Unified Women’s Healthcare

Health Care Providers & Services

Guidehouse

Professional Services

Inovalon

IT Services

Project Beacon

Commercial Services & Supplies

Davies

Insurance

Top Portfolio Companies9

Company Name10SectorAsset TypeReference Rate & SpreadFair Value (in thousands)% of Fair Value of Investments
Circana Group (Circana Group, L.P. )*SoftwareFirst Lien Senior SecuredSOFR + 6.25%$1,613,9603.1%
Guidehouse (Guidehouse, Inc.)Professional ServicesFirst Lien Senior SecuredSOFR + 5.75%$1,216,1852.4%
Mimecast Limited**SoftwareFirst Lien Senior SecuredSOFR + 5.75%$1,113,8852.2%
Inovalon (Inovalon Holdings Inc.)IT ServicesFirst Lien Senior SecuredSOFR + 6.25%$1,022,7802.0%
Medallia/F1 (Medallia, Inc.)SoftwareFirst Lien Senior SecuredSOFR + 6.50%$1,015,6742.0%
Cambium Learning Group (Cambium Learning Group, Inc.)Diversified Consumer ServicesFirst Lien Senior SecuredSOFR + 5.50%$948,7131.8%
Zendesk (Zendesk, Inc.)SoftwareFirst Lien Senior SecuredSOFR + 6.25%$931,5441.8%
Unified Women’s Healthcare (Unified Women’s Healthcare, LLC)Health Care Providers & ServicesFirst Lien Senior Secured SOFR + 5.25%$887,4151.7%
Stamps (Stamps.com, Inc.)SoftwareFirst Lien Senior Secured SOFR + 5.75%$834,2061.6%
Mantech (Mantech International Corp.)Professional ServicesFirst Lien Senior SecuredSOFR + 5.75%$833,6161.6%
Datto (Kaseya, Inc.)SoftwareFirst Lien Senior SecuredSOFR + 6.00%$758,8551.5%
West Monroe (West Monroe Partners LLC)Professional ServicesFirst Lien Senior SecuredSOFR + 5.50%$718,2851.4%
Discovery EducationSoftwareFirst Lien Senior SecuredSOFR + 5.75%$664,1201.3%
Nintex (Nintex Topco Limited)SoftwareFirst Lien Senior SecuredSOFR + 6.00%$647,6641.3%
Davies Group (Tennessee Bidco Ltd)InsuranceFirst Lien Senior SecuredSONIA + 7.00%$629,0611.2%
United Vet Care Holdings “UVC” (Snoopy Bidco, Inc.)Health Care Providers & ServicesFirst Lien Senior SecuredSOFR + 6.75%$620,4391.2%
Armstrong (The Access Group)**SoftwareFirst Lien Senior SecuredSONIA + 5.25%$577,3661.1%
Anaplan (Anaplan, Inc.)SoftwareFirst Lien Senior SecuredSOFR + 6.50%$537,5341.0%
Informa PLC (Caerus, Inc.)Health Care TechnologyFirst Lien Senior SecuredSOFR + 5.50%$528,3591.0%
Prodege (Prodege International Holdings, LLC)Internet & Direct Marketing RetailFirst Lien Senior SecuredSOFR + 5.75%$519,7771.0%

*Formerly known as The NPD Group
**Investment is partially funded in GBP and par amounts reflect local currency for the tranche that is denominated in foreign currency

Data is as of February 29, 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.

  1. 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.
  2. As a percentage of BCRED’s investment portfolio excluding equity investments in joint ventures which have similar portfolio composition and underlying qualities.
  3. As of December 31, 2023. Includes all private debt investments for which fair value is determined by BCRED’s Board of Trustees in conjunction with a third-party valuation firm and excludes quoted assets and may reflect a normalized or adjusted amount. Average loan-to-value represents the net ratio of loan-to-value for each such portfolio company, weighted based on the fair value of total applicable BCRED 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 recent quarter end. See BCRED’s prospectus.
  4. 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.
  5. Blackstone products are subject to the risk of capital loss and investors may not get back the amount originally invested.
  6. 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.
  7. BCRED’s average issuer EBITDA is as of December 31, 2023. Includes all private debt investments for which fair value is determined by BCRED’s Board of Trustees (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. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. Currency fluctuations may have an adverse effect on the value, price or income and costs of our portfolio companies and investments which may increase or decrease as a result of changes in exchange rates. The Private Credit Market benchmark is represented as the average LTM EBITDA of issuer companies of loans in the Lincoln International Private Market Database as of 4Q’23. All rights reserved. Third party use is at user’s own risk.
  8. Represents the ten case studies currently shown in the BCRED Overview Presentation. The above reflects Blackstone Credit & Insurance’s views and beliefs. The ten case studies presented herein were selected as of June 30, 2022, and key terms of the positions are presented as of December 31, 2023. BCRED selects which case studies to present via an objective, non-performance based standard of showing BCRED’s largest privately negotiated position in each of its ten largest sectors (in each case to the extent BCRED is authorized to disclose such privately negotiated positions), each calculated by fair value. These case studies are for illustrative purposes only, are not representative of all Blackstone Credit & Insurance investments and do not constitute investment advice or recommendation of past investments. Past performance does not predict future returns and there can be no assurance that the fund will achieve results comparable 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. Please refer to the “Important Disclosure Information” below for important information about performance results. All rights to the trademarks and/or logos listed herein belong to their respective owners and Blackstone Credit & Insurance’s use hereof does not imply any affiliation with, or endorsement by the owners of these trademarks and/or logos.
  9. Includes only data for BCRED’s twenty (20) largest portfolio companies based on the fair market value of investments for each portfolio company against the total fair market value of all investments, but excludes BCRED’s investments in Joint Ventures (including Joint Ventures that would otherwise be among the largest investments). Totals may not sum due to rounding.
  10. There can be no assurance that any investments will close on the terms of such commitments or at all.

Important Disclosure Information

Local, regional or global events such as war (e.g., Russia/Ukraine), acts of terrorism, public health issues like pandemics or (e.g., COVID-19), recessions, or other economic, political and global macro factors and events could lead to a substantial economic downturn or recession in the U.S. and global economies and have a significant impact on the Fund and its investments. The recovery from such downturns is uncertain and may last for an extended period of time or result in significant volatility, and many of the risks discussed herein associated with an investment in the Fund may be increased.

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 & Insurance 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. (“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 https://www.bcred.com/prospectus. 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 29, 2024, 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 subject to various risks and uncertainties. Accordingly, there are or will 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.

Although certain loans in which the Fund may invest will be secured by collateral, there can be no assurance that such collateral could be readily liquidated or that the liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal.

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