Blackstone Private Credit Fund – a non-traded business development company sponsored by the world’s largest alternative asset manager, Blackstone (NYSE: BX) – updated the monthly net asset values for its Class S, I and D shares of common stock, as of Sept. 30, 2024.
Each of the BDC’s shares had an NAV of $25.50 compared to $25.53 the previous month, a decrease of approximately 0.12%.
The fund is currently publicly offering on a continuous basis up to $45 billion in shares.
As of Sept. 30, the fund’s aggregate NAV was approximately $36.4 billion, the fair value of its investment portfolio was $61.7 billion, and it had $26.7 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during September 2024 was approximately 0.69 times.
Additionally, on Oct. 16, the BDC declared regular distributions for each class of its common shares in the gross amount of $0.22. The distributions are payable to shareholders of record as of the open of business on Oct. 31, 2024. The BDC reports that the distributions will be paid on or about Nov. 27. These distributions will be paid in cash or reinvested in shares for shareholders participating in the fund’s distribution reinvestment plan.
In related news, the BDC also announced an exchange offer in which the BDC will exchange various restricted notes for exchange notes. According to the BDC, the exchange notes are substantially identical to those of the restricted notes, except in regard to transfer restrictions and registration rights. Also, the exchange notes will not provide for the payment of additional interest in the event of a registration default. The exchange offer expires at 11:59 p.m., New York City time, on Nov. 7, 2024, unless extended.
In addition to its BDC and its REIT, Blackstone Real Estate Income Trust, Inc., Blackstone is preparing to roll out an infrastructure fund and a credit fund by 2025, as previously reported by The DI Wire.
Blackstone Private Credit Fund is the industry’s first perpetual-life BDC and broke escrow on Jan. 7, 2021. The fund is part of Blackstone Credit’s direct lending platform, which provides privately originated, senior secured, floating rate loans to U.S. and European middle-market companies.
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