Blackstone Private Credit Fund Reports Lower Monthly NAV Per Share
Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), updated the monthly net asset values for its Class S, Class I and Class D shares of common stock, as of Sept. 30, 2022.
Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), updated the monthly net asset values for its Class S, Class I and Class D shares of common stock, as of Sept. 30, 2022.
Each of the BDC’s shares had an NAV of $24.62 compared to $25.19 the previous month.
The fund is currently publicly offering on a continuous basis up to $36.5 billion in shares.
As previously reported by The DI Wire, the company announced an increase to its regular monthly distribution rate last month, from $0.174 per share to $0.190 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 nearly $28.0 billion of investor equity as of Sept. 30, 2022, according to data provided by Robert A. Stanger & Co.
As of Sept. 30. 2022, the fund’s aggregate NAV was $22.4 billion, the fair value of its investment portfolio was $49.0 billion, and it had $27.5 billion of debt outstanding (at principal). The average debt-to-equity leverage ratio during September 2022 was approximately 1.28 times.
