Blackstone Private Credit Fund 8-K

What Happened

• Blackstone Private Credit Fund (BCRED) filed an 8-K on April 21, 2026 reporting three principal items: a private/unregistered sale of Class I common shares, declaration of April 2026 regular distributions, and March 31, 2026 NAV, liquidity and portfolio updates.
• The Fund sold 4,280,725 unregistered Class I shares (finalized April 20, 2026) for $103,550,747 under Section 4(a)(2) and/or Regulation S.
• On April 20, 2026 the Fund declared regular distributions payable on or about May 28, 2026 to holders of record as of April 30, 2026: Class I $0.2000 gross / $0.2000 net; Class S $0.2000 gross / $0.1829 net; Class D $0.2000 gross / $0.1950 net.
• As of March 31, 2026 NAV per share was $24.19 for Class I, S and D. Aggregate NAV was about $45.0 billion, investment portfolio fair value ~$80.5 billion, and debt outstanding (principal) ~$35.3 billion.

Key Details

• Unregistered sale: 4,280,725 Class I shares for $103,550,747 (private offering).
• Distributions: declared April 20, 2026; record date April 30, 2026; pay/reinvest date on or about May 28, 2026.
• Balance sheet & liquidity: aggregate NAV ~$45.0B; portfolio fair value ~$80.5B; debt outstanding ~$35.3B; available committed debt capacity ~$48.9B; >$15B available liquidity as of Q1’26.
• Performance & credit metrics: Class I since-inception annualized total return 9.4% (through 2021 inception), Q1’26 outperformed leveraged loans by 52 bps; portfolio weighted average mark 96.4; non‑accruals at cost 2.4% (fair value 1.4%).

Why It Matters

• The declared distributions are a concrete cash (or reinvestment) return to shareholders and include the payment schedule and per-share amounts for each share class.
• NAV, portfolio size, leverage and liquidity figures show the Fund’s scale, how it is financed, and its capacity to withstand market stress or pursue new investments.
• The private Class I sale raised ~$103.6M, reflecting ongoing capital raising (the Fund continues a public Offering up to $45.0B and a Private Offering) and incremental capital inflows.
• Reported performance and credit metrics (returns vs. leveraged loans, marks, non-accrual levels) provide current, fund-level indicators investors use to assess income generation and portfolio credit health.