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 May 31, 2022, as well as a special distribution.
Class I, Class S, and Class D shares had an NAV per share of $25.28 as of May 31, 2022, compared to $25.76 the previous month. Shares were originally priced at $25.00 each.
As of May 31, 2022, the fund’s aggregate NAV was $20.7 billion, the fair value of its investment portfolio was $42.8 billion, and it had $22.5 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during May 2022 was approximately 0.98 times.
This compares to the previous month when the fund’s aggregate NAV was $19.5 billion, the fair value of its investment portfolio was $40.2 billion, and it had $19.5 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during April 2022 was approximately 0.98 times.
In addition, Blackstone Private Credit Fund reported that “due to strong earnings and the positive impact from rising interest rates,” its board has declared a special distribution of the fund’s excess undistributed net investment income for each share class.
The special distribution will be $0.05 per share plus the estimated undistributed net investment income in excess of $0.05 per share available as of the record date of August 21, 2022 and will be paid on or about September 1, 2022.
The estimated undistributed net investment income and the precise amount of the special distribution will be determined closer to the record date.
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 $74 billion 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 $21.7 billion in its private and public offerings, as of June 27, 2022.