Blackstone Private Credit Fund 8-K

What Happened

• Blackstone Private Credit Fund filed an 8‑K on Feb 20, 2026 reporting several material items. The Fund sold 7,509,040 unregistered Class I common shares (offer date as of Feb 1, 2026; final share count determined Feb 19, 2026) for $185,323,110 under a private offering relying on Section 4(a)(2) and/or Regulation S.
• On Feb 19, 2026 the Fund declared regular February 2026 distributions of $0.20 gross per share for each share class; net amounts differ by class due to servicing/distribution fees (Class I net $0.20, Class S net $0.1825, Class D net $0.1949). Record date is Feb 28, 2026 and payment is on or about Mar 26, 2026 (cash or reinvestment plan).
• The Fund reported NAV per share as of Jan 31, 2026 of $24.68 for Class I, S and D, aggregate NAV ≈ $48.2 billion, investment portfolio fair value ≈ $82.5 billion, and $36.3 billion of debt outstanding (principal).

Key Details

• Unregistered sale: 7,509,040 Class I shares for $185,323,110 (private offering).
• Distributions: Gross $0.2000 per share; Class S servicing fee $0.0175, Class D fee $0.0051; record Feb 28, payable ~Mar 26, 2026.
• Financial/leverage snapshot (Jan 31, 2026): aggregate NAV ≈ $48.2B; portfolio fair value ≈ $82.5B; debt outstanding ≈ $36.3B; average debt-to-equity leverage ratio Jan 2026 ≈ 0.73x.
• Funding capacity and sources: committed debt capacity ≈ $42.6B (91% floating; 69% of floating is secured); drawn leverage mix: corporate revolver 6%, asset‑based facilities 39%, unsecured bonds 35%, secured short‑term 1%, CLO/other secured 19%.
• Ongoing capital raise: continuous public Offering up to $45.0B; total issued (Offering + Private Offering) as of filing: 2,211,193,330 shares representing ~$56.2B in consideration (e.g., Offering Class I: 676,019,442 shares / $17.1B; Private Offering Class I: 906,868,987 shares / $23.1B).

Why It Matters

• The filing shows the Fund is actively raising capital both publicly and via private placements, which affects supply of shares and funding mix.
• NAV, portfolio fair value and stated leverage levels give investors a snapshot of size and risk profile (notably ~$36.3B debt and a ~0.73x debt-to-equity average for Jan 2026).
• The declared distribution and its record/payment dates matter for income-focused shareholders and those in the Fund’s reinvestment plan.
• Details on debt capacity and funding sources indicate how the Fund finances investments and the balance between floating vs. fixed-rate exposure.