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 January 31, 2022. The BDC recently completed its inaugural full year of operations.
Class I, Class S, and Class D shares had an NAV per share of $25.93 as of January 31, 2022, unchanged from the previous month. Shares were originally priced at $25.00 each.
As of January 31, 2022, the fund’s aggregate NAV was $14.4 billion, the fair value of its investment portfolio was $32.6 billion, and it had $18.2 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during January 2022 was approximately 1.24 times.
This compares to the previous month when the fund’s aggregate NAV was $12.9 billion, the fair value of its investment portfolio was $30.8 billion, and it had $18.3 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during December 2021 was approximately 1.31 times.
“We launched [Blackstone Private Credit Fund] last year with the goal of redefining the way income-focused individual investors calibrate their fixed income portfolios. Five years ago, we structured [Blackstone Real Estate Income Trust], our non-traded REIT, with a similar vision – and we believe the incredible growth and investor reception of both platforms mark a significant sea change in the opportunity set for alternatives,” said Joan Solotar, global head of private wealth solutions at Blackstone.
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 $15.8 billion in its private and public offerings, as of February 23, 2022.
As of January 31, 2022, the fund had $24.3 billion in committed debt capacity, with 69 percent in secured floating rate leverage and 31 percent in unsecured fixed rate leverage based on drawn amounts. The fund’s leverage sources are in the form of a corporate revolver (3 percent), asset-based credit facilities (52 percent), unsecured bonds (31 percent), secured short term indebtedness (4 percent) and collateralized loan obligation notes (10 percent) based on drawn amounts.