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 July 31, 2022.
Class I, Class S, and Class D shares had an NAV per share of $25.02 as of July 31, 2022, compared to $24.80 the previous month. Shares were originally priced at $25.00 each.
As of July 31, 2022, the fund’s aggregate NAV was $22.1 billion, the fair value of its investment portfolio was $47.7 billion, and it had $27.2 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during July 2022 was approximately 1.17 times.
This compares to the previous month when the fund’s aggregate NAV was $21 billion, the fair value of its investment portfolio was $46.2 billion, and it had $22.6 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during June 2022 was approximately 1.10 times.
As of July 31, 2022, Blackstone Private Credit Fund had $33.2 billion in committed debt capacity, with 90 percent in secured floating rate leverage and 10 percent in unsecured fixed rate leverage based on drawn amounts. The fund’s leverage sources are in the form of a corporate revolver (7 percent), asset-based credit facilities (52 percent), unsecured bonds (28 percent), secured short term indebtedness (2 percent) and collateralized loan obligation (CLO) notes (11 percent) based on drawn amounts.
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 $23.3 billion in its private and public offerings, as of August 24, 2022.