Blackstone’s BDC Declares Monthly NAV Per Share and Special Distribution
Blackstone Private Credit Fund, a recently launched non-traded business development company sponsored by Blackstone, has declared a monthly net asset value per share for May 2021.
Blackstone Private Credit Fund, a recently launched non-traded business development company sponsored by Blackstone, has declared a monthly net asset value per share for May 2021.
As of May 31, 2021, Class I, Class S, and Class D shares had an NAV per share of $25.80. The previous month, Class I and Class S shares were valued at $25.59 each. No Class D shares were outstanding as of April 30, 2021, but were issued on May 1, 2021 at $25.59 per share.
As of May 31, 2021, the fund’s aggregate NAV was $4.1 billion, the fair value of its investment portfolio was $8.9 billion, and it had $3.8 billion of principal debt outstanding, resulting in a debt-to-equity leverage ratio of approximately 0.93 times.
On June 29, 2021, the fund declared regular gross distributions for each class of $0.1667 per share. Less the stockholder servicing fee, Class S shares received net distributions of $0.1484 per share, and Class D received $0.1613 per share.
In addition to the monthly distribution, the fund declared a $0.1233 per share special distribution for each class. Both distributions will be paid around July 28, 2021 to shareholders of record as of the open of business on June 30, 2021.
Blackstone Private Credit Fund is the industry’s first perpetual-life BDC, is currently publicly offering $5 billion in shares and raised has raised $4.1 billion in the public offering, as of April 2021.
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.
