Blackstone Private Credit Fund Repurchases $2.1 Billion, Prorating Tenders for a Second Quarter

Blackstone estimates that investors who sought to exit in both the second and third quarters will have recovered about 75% of their requested capital within roughly 90 days.

November 2, 2026

Blackstone Private Credit Fund, the non-traded business development company known as BCRED, prorated its third-quarter tender offer after shareholders tendered 181,287,647 shares against an offer limited to 5% of shares outstanding. The fund accepted 90,421,325 shares, equal to 5% of its shares outstanding as of June 30, 2026, and bought them back at the September 30 net asset value of $23.51 per share.

The accepted shares carried a net asset value of $2,125,805,358. After early repurchase deductions where they applied, the fund paid tendering shareholders $2,125,655,078 on or about October 28, settling the promissory notes it issued when it accepted their tenders. The offer opened August 4 and expired at 11:59 p.m. Eastern on August 31, a month before the valuation date that set the price.

Third Straight Quarter of Elevated Requests

Redemption demand at BCRED has run above its standard 5% quarterly limit all year. In the first quarter, the board lifted the repurchase cap above 5% and the fund filled all requests at 7%, with Blackstone and its employees investing in the fund alongside shareholders. In the second quarter, requests reached about 10% of shares outstanding, and BCRED filled about half of the $4.5 billion sought, leaving a $2.3 billion backlog.

In a September 3 letter to investors, Blackstone estimated third-quarter requests at $4.3 billion, again about 10% of shares outstanding, and said a significant portion of the second-quarter backlog had been resubmitted. The firm estimated that investors who sought liquidity in both quarters will have received about 75% of their requested capital within roughly 90 days, assuming they asked to redeem all of their shares each time. Third-quarter capital inflows of about 2% of NAV left a net outflow of roughly 3% of NAV, in line with the prior two quarters.

Liquidity Behind the Repurchases

The letter said $2.7 billion of loan repayments received in the second quarter and nearly $750 million of third-quarter inflows were together expected to equal about 160% of the shares repurchased this quarter. BCRED reported more than $17 billion of available liquidity in cash and undrawn borrowing capacity as of June 30, and average leverage of 0.8x debt-to-equity in July.

Non-accruals stood at 2.2% of the portfolio at cost and 1.1% at fair value as of June 30, down from 2.4% and 1.4% at the end of March.