The private credit giant declared March distributions and disclosed cumulative share sales of $56.4 billion across its public and private offerings.

March 23, 2026

Blackstone Private Credit Fund, one of the largest private credit vehicles in the market, reported aggregate net asset value of approximately $48.2 billion as of February 28, 2026. The fund, a Delaware-based entity managed under the Blackstone umbrella, also declared March distributions and provided updates on its ongoing equity offerings.

Portfolio and Leverage Overview

The NAV per share across all three share classes — Class I, Class S, and Class D — stood at $24.38 as of the end of February. The fund’s investment portfolio had a fair value of approximately $82.7 billion, supported by roughly $36.6 billion of outstanding debt at principal. The average debt-to-equity leverage ratio during February was approximately 0.74 times.

The fund maintains a diversified capital structure with approximately $42.8 billion in committed debt capacity. Of that total, 91% consisted of floating rate instruments — 70% of which was secured — while the remaining 9% was fixed rate, with 83% unsecured. Leverage sources included unsecured bonds at 35%, asset-based credit facilities at 39%, collateralized loan obligations and other secured instruments at 18%, a corporate revolver at 7%, and secured short-term indebtedness at 1%.

March Distributions

On March 19, 2026, the fund declared regular distributions at a gross rate of $0.2000 per share across all classes. After shareholder servicing and distribution fees, net distributions came to $0.2000 for Class I, $0.1827 for Class S, and $0.1949 for Class D. These distributions are payable to shareholders of record as of March 31, 2026, with payment expected on or about April 28, 2026.

Share Sales and Capital Raise

The fund disclosed an unregistered sale of 350,808 Class I common shares for total consideration of approximately $8.6 million, sold as of March 1, 2026, under an exemption from Securities Act registration requirements.

More broadly, the fund continues to publicly offer up to $45.0 billion in shares on a continuous basis alongside its private offering. Total shares issued across both channels have reached approximately 2.22 billion, representing aggregate consideration of roughly $56.4 billion. The private offering has been concentrated entirely in Class I shares, accounting for over 907 million shares and approximately $23.1 billion in proceeds.

Blackstone Private Credit Fund is part of the broader Blackstone credit platform, which also includes Blackstone Secured Lending Fund. That affiliated entity recently completed a $400 million notes offering at a 5.250% interest rate with a 2029 maturity.