Blackstone BDC Declares Monthly NAV Per Share
Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), has declared its monthly net asset value per share for November 2021.
Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), has declared its monthly net asset value per share for November 2021.
Class I, Class S, and Class D shares had an NAV per share of $25.91 as of November 30, 2021, compared to $25.93 the previous month.
As of November 30, 2021, the fund’s aggregate NAV was $11.2 billion, the fair value of its investment portfolio was $25.1 billion, and it had $15.8 billion debt outstanding (at principal). The average debt-to-equity leverage ratio during November 2021 was 1.27 times.
This compares to the previous month when the fund’s aggregate NAV was $9.6 billion, the fair value of its investment portfolio was $21.8 billion, and it had $12.5 billion debt outstanding (at principal). The average debt-to-equity leverage ratio during October 2021 was 1.08 times.
As of November 30, 2021, Blackstone Private Credit Fund had $22.3 billion in committed debt capacity, with 71 percent in secured floating rate leverage and 29 percent in unsecured fixed rate leverage based on drawn amounts. The BDC’s leverage sources are in the form of a corporate revolver (3 percent), asset-based credit facilities (56 percent), unsecured bonds (29 percent), secured short term indebtedness (5 percent) and collateralized loan obligation notes (7 percent) based on drawn amounts.
On December 21, 2021, the fund declared regular gross distributions for each class of $0.1740 per share. Less the stockholder servicing fee, Class S shares received net distributions of $0.1556 per share, and Class D received $0.1686 per share.
Blackstone Private Credit Fund is the industry’s first perpetual-life BDC and broke escrow on January 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. Since inception, the BDC has raised $12.6 billion in its private and public offerings, as of November 23, 2021.
