Blackstone Private Credit Fund 8-K

What Happened

• Blackstone Private Credit Fund filed an 8-K (dated Jan. 23, 2026) reporting its net asset value (NAV) as of Dec. 31, 2025, declaring regular January 2026 distributions, and disclosing an unregistered sale of Class I shares. The filing was signed by Lucie Enns, Chief Legal Officer and Secretary.
• The Fund’s NAV per share was $24.79 for Class I, Class S, and Class D as of Dec. 31, 2025. Aggregate NAV was approximately $47.6 billion; the fair value of the investment portfolio was about $82.2 billion, with roughly $35.1 billion of debt outstanding (principal).
• On Jan. 22, 2026 the Fund declared regular cash (or reinvested) distributions payable on or about Feb. 26, 2026 to shareholders of record at the open of business Jan. 31, 2026. It also disclosed an unregistered private sale of Class I shares (finalized Jan. 22, 2026).

Key Details

• Unregistered sale (Private Offering): 10,162,444 Class I common shares for $251,926,982 (offer effective as of Jan. 1, 2026; final share count determined Jan. 22, 2026).
• January 2026 distributions declared per share:
  • Class I: Gross $0.2000; net $0.2000
  • Class S: Gross $0.2000; servicing fee $0.0176; net $0.1824
  • Class D: Gross $0.2000; servicing fee $0.0052; net $0.1948
• Fund financial and leverage snapshot (Dec. 31, 2025):
  • Aggregate NAV ≈ $47.6 billion; portfolio fair value ≈ $82.2 billion; debt outstanding ≈ $35.1 billion.
  • Average debt-to-equity leverage (Dec. 2025) ≈ 0.68x.
  • Committed debt capacity ≈ $42.0 billion; 90% floating-rate (71% secured) and 10% fixed-rate (72% unsecured) based on drawn amounts.
  • Leverage mix (drawn amounts): corporate revolver 6%; asset-based credit facilities 41%; unsecured bonds 34%; secured short-term indebtedness 2%; CLO & other secured debt 17%.
• Offering status: Ongoing public offering up to $45.0 billion in Shares. Combined Offering and Private Offering to date: ~2.193 billion shares issued, total consideration ≈ $55.7 billion (amounts rounded).

Why It Matters

• The declared distribution ($0.20 gross per share) and record/payable dates matter to income-focused investors and those deciding whether to take cash or reinvest. Net amounts vary by share class due to servicing fees.
• The NAV, portfolio fair value, and leverage figures give a snapshot of the Fund’s size, investment exposure, and indebtedness as of Dec. 31, 2025—useful for assessing risk and capital structure. A ~0.68x debt-to-equity ratio and detailed debt mix indicate how the Fund finances its portfolio.
• The unregistered private sale of Class I shares and the ongoing public Offering (up to $45B) affect share supply and capital-raising activity; investors should note recent issuance totals and amounts raised when considering dilution and liquidity.