BCRED

healthy

Blackstone Private Credit Fund

Valuation

Price$24.10

NAV / Share$24.10

NAV Discount+0%

Portfolio FV$82.2B

Credit Quality

PIK %4.5%

Non-Accrual %0.8%

NII Covers DivYES

Income

Dividend Yield9.7%

SponsorBlackstone

Top Sectors

SoftwareHealthcareBusiness Services

Analysis

NON-TRADED. World's largest private credit fund. $82.2B total investments, $47.6B NAV (Dec 2025). 9.9% total net return since Jan 2021 inception. Quarterly repurchases capped at 5% of shares — illiquidity by design. No market price = no visible NAV discount, but limited redemption creates shadow discount. Distribution yield 9.7%. Blackstone's perpetual capital vehicle. Five-year anniversary Jan 2026. True stress test hasn't happened — fund has never faced mass redemption demand.

Sponsor

Blackstone$1270B AUM