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 October 2021.
Class I, Class S, and Class D shares had an NAV per share of $25.93 as of October 31, 2021, compared to $25.90 the previous month.
As of October 31, 2021, the BDC’s aggregate NAV was $9.6 billion, the fair value of its investment portfolio was $21.8 billion and it had $12.5 billion debt outstanding (at principal). The average debt-to-equity leverage ratio during October 2021 was 1.08 times.
This compares to the previous month when the fund’s aggregate NAV was $8.5 billion, the fair value of its investment portfolio was $17.7 billion and it had $8.8 billion of debt outstanding (net of unamortized debt issuance costs), resulting in a debt-to-equity leverage ratio of approximately 1.04 times.
As of October 31, 2021, the fund had $16.7 billion in committed debt capacity, with 80 percent in secured floating rate leverage and 20 percent in unsecured fixed rate leverage based on drawn amounts. The BDC’s leverage sources are in the form of a corporate revolver (7 percent), asset-based credit facilities (62 percent), unsecured bonds (20 percent), secured short term indebtedness (6 percent) and collateralized loan obligation notes (5 percent) based on drawn amounts.
On November 23, 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 $0.1556 per share, and Class D received $0.1686 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 $10.9 billion in its private and public offerings, as of November 2021.