Blackstone Private Credit Fund 8-K

What Happened

• Blackstone Private Credit Fund filed an 8-K on March 20, 2026 reporting several items: an unregistered sale of Class I common shares (350,808 shares for $8,552,705, finalized March 19, 2026) conducted under a private offering exempt under Section 4(a)(2) and/or Regulation S; declaration of March 2026 regular distributions; and the Fund’s net asset value (NAV) and leverage statistics as of February 28, 2026. The Fund also disclosed the status of its continuous public Offering (up to $45.0 billion) and cumulative shares issued through the Offering and Private Offering.

Key Details

• Unregistered sale: 350,808 Class I shares for $8,552,705 (sale as of March 1, 2026; number finalized March 19, 2026).
• March distributions (declared March 19, 2026; record date March 31, 2026; payable on/about April 28, 2026):
  • Gross per-share distribution: $0.2000 for all classes.
  • Net per-share: Class I $0.2000, Class S $0.1827 (after $0.0173 fee), Class D $0.1949 (after $0.0051 fee).
  • Distributions payable in cash or reinvested via the Fund’s reinvestment plan.
• NAV and balance-sheet snapshot (as of Feb 28, 2026):
  • NAV per share: $24.38 for Class I, S, and D.
  • Aggregate NAV ≈ $48.2 billion; portfolio fair value ≈ $82.7 billion; debt outstanding ≈ $36.6 billion (principal).
  • Average debt-to-equity leverage ratio for Feb 2026: ~0.74x. Committed debt capacity ≈ $42.8 billion (91% floating-rate, 9% fixed-rate).
• Offering status and issued shares (Offering + Private Offering totals reported):
  • Total common shares issued: 2,221,116,400 with total consideration ≈ $56.4 billion.
  • Private Offering Class I totals: 907,219,795 shares / $23.1 billion.

Why It Matters

• Distributions: The declared $0.20 per-share distribution and the April payment date are immediately relevant to shareholders and prospective buyers considering dividend yield or reinvestment options.
• NAV and leverage: The Feb. 28 NAV ($24.38) and leverage metrics give investors a snapshot of fund size, portfolio fair value, debt levels and funding structure—useful for assessing balance-sheet risk and yield prospects.
• Capital raising: The ongoing public Offering (up to $45B) plus significant private offering activity (large aggregate share issuance and proceeds) indicate continued capital inflows and growth of the fund’s assets under management, which can affect liquidity and future distributions.