Blackstone Private Credit Fund (BCRED)

Blackstone Private Credit Fund (BCRED) is a non-traded business development company that reports aggregate NAV of about $43.2 billion at August 31, 2026 and more than 640 borrowers. It lends to private companies and describes its portfolio as primarily first-lien senior secured positions. You buy shares at net asset value (NAV) through a financial advisor or brokerage platform, not on a stock exchange. The minimum is $2,500 for the retail Class S and Class D. You do not need to be an accredited investor, but suitability standards apply: gross annual income and net worth of at least $70,000 each, or net worth of at least $250,000, and higher in some states. Class I has a $1,000,000 minimum unless waived by the intermediary manager. What you actually pay matters here. Blackstone charges a 1.25% base management fee on net assets, a 12.5% incentive fee on pre-incentive-fee net investment income above a 5% annualized hurdle (with a catch-up), and another 12.5% of cumulative realized capital gains. On top of that, Class S carries a 0.85% annual servicing fee and Class D 0.25%, and selling agents may charge upfront placement fees or commissions capped at 3.5% on Class S and 1.5% on Class D; Class I has none of these. The income is reported, not guaranteed. BCRED says it currently pays a 9.1% annualized distribution rate for Class I shares, calculated as August's distribution annualized and divided by the last reported NAV from July, and a 9.0% annualized total net return for Class I since its 2021 inception (issuer-reported, September 3, 2026). The monthly gross distribution was cut from $0.20 to $0.18 per share, declared June 22, 2026 and effective with the July distribution. NAV per share has drifted down, from $23.94 on May 31, 2026 to $23.60 on August 31, 2026, a reminder that NAV is a valuation, not a public market price. Liquidity is the real catch. Share repurchases are capped at 5% of the NAV of shares outstanding per quarter, at the board's discretion, and the board may amend or suspend them. In the second quarter of 2026 BCRED fulfilled approximately half of the $4.5 billion requested for repurchase. For the third quarter, requests are estimated at about 10% of shares outstanding, and the fund says 5% will be fulfilled pro rata (issuer update, September 3, 2026). Bottom line: BCRED suits income focused investors with a multi-year horizon who can accept limited and prorated repurchases, a layered fee structure and a distribution that has already been cut once in 2026.