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 August 2022.
Class I, Class S and Class D shares had a net asset value of $25.19 per share, as of Aug. 31, 2022, compared to $25.02 the previous month. Shares were originally priced at $25.00 each.
As of Aug. 31, 2022, the fund’s aggregate NAV was $22.9 billion, the fair value of its investment portfolio was $49.7 billion, and it had $28.2 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during August 2022 was approximately 1.21x.
As of Aug. 31, 2022, the Fund had $34.8 billion in committed debt capacity, with 91% in secured floating rate leverage and 9% in unsecured fixed rate leverage based on drawn amounts. The Fund’s leverage sources are in the form of a corporate revolver (7%), asset-based credit facilities (52%), unsecured bonds (26%), secured short term indebtedness (3%) and collateralized loan obligation notes (12%) based on drawn amounts.
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. Since inception, the BDC has raised $23.9 billion in its private and public offerings, as of Sept. 22, 2022.