Blackstone’s BDC Declares Monthly NAV Per Share
Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), has declared a monthly net asset value per share for July 2021.
Blackstone Private Credit Fund, a non-traded business development company sponsored by private equity giant Blackstone (NYSE: BX), has declared a monthly net asset value per share for July 2021.
As of July 31, 2021, Class I, Class S, and Class D shares had an NAV per share of $25.80. The previous month, the shares were valued at $25.81 each.
As of July 31, 2021, the BDC’s aggregate NAV was $6.1 billion, the fair value of its investment portfolio was $14 billion, and it had $6.7 billion of debt outstanding (net of unamortized debt issuance costs), resulting in a debt-to-equity leverage ratio of approximately 1.09 times.
This compares to the previous month, when the fund’s aggregate NAV was $4.9 billion, the fair value of its investment portfolio was $11.3 billion, and it had $4.8 billion of debt outstanding, resulting in a debt-to-equity leverage ratio of approximately 0.98 times.
On August 25, 2021, the fund declared regular gross distributions for each class of $0.1740 per share. Less the stockholder servicing fee, Class S shares received net distributions of $0.1557 per share, and Class D received $0.1686 per share.
Blackstone Private Credit Fund is the industry’s first perpetual-life BDC, is currently publicly offering $5 billion in shares and raised has raised $5.7 billion in the public offering, as of June 2021.
The top sectors that the fund is invested in are software, healthcare, commercial services and supplies, professional services and building products.
Blackstone Private Credit Fund broke escrow on January 7, 2021 and 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. The adviser agreed to waive its management fee and its incentive fee on income for the first six months after the fund broke escrow.
