Blackstone Private Credit Fund (BCRED)

Blackstone Private Credit Fund (BCRED) is the industry's flagship retail private-credit vehicle: the largest non-traded BDC at roughly $46.7B aggregate NAV (Sept 2025), senior-secured direct lending, monthly distributions, and Blackstone's origination machine behind it. It offers institutional credit quality that retail marketplaces cannot match, wrapped in retail-unfriendly fees and gated exits. The minimum is $2,500 for Class S/D shares via a participating advisor or brokerage (Class I is $1M institutional). No accreditation is required, but income and net-worth suitability standards apply and access is advisor-mediated. The fee stack: 1.25% management on net assets, 12.5% incentive on income over a 5% hurdle, annual servicing fees (Class S 0.85%, Class D 0.25%), and upfront placement fees of up to about 3.5% on Class S. Launched January 2021 with no enforcement issues and a consistent distribution history. In June 2026 the distribution was cut from $0.20 to $0.18 per share (Class I), about 9.0% annualized on NAV (issuer-reported), mirroring falling base rates and tightening spreads; NAV per share has drifted down modestly. Liquidity is limited to quarterly share repurchases capped at 5% of shares outstanding, which the board can suspend: the gate is by design, and NAV is self-marked.