0001803498

814-01358

Entity Registrant Name

Blackstone Private Credit Fund

Entity Address, Address Line Two

31st Floor

Entity Address, State or Province

NY

City Area Code

212

Entity Emerging Growth Company

false

Senior Securities [Table Text Block]

The following is information about the Company’s senior securities as of the dates indicated in the below table:


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
Bard Peak Funding Facility
September 30, 2023	$	507,074	$	2,119	—	N/A
December 31, 2022	1,235,414		1,845		—	N/A
December 31, 2021	879,000		1,702		—	N/A


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
Castle Peak Funding Facility
September 30, 2023	$	1,119,717	$	2,119	—	N/A
December 31, 2022	1,146,600		1,845		—	N/A
December 31, 2021	1,171,809		1,702		—	N/A
Maroon Peak Funding Facility
September 30, 2023	—		—		—	N/A
December 31, 2022	300,000		1,845		—	N/A
December 31, 2021	483,952		1,702		—	N/A
Summit Peak Funding Facility
September 30, 2023	531,099		2,119		—	N/A
December 31, 2022	1,691,844		1,845		—	N/A
December 31, 2021	1,643,154		1,702		—	N/A
Denali Peak Funding Facility
September 30, 2023	562,800		2,119		—	N/A
December 31, 2022	749,800		1,845		—	N/A
December 31, 2021	668,400		1,702		—	N/A
Bushnell Peak Funding Facility
September 30, 2023	430,000		2,119		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	395,500		1,702		—	N/A
Granite Peak Funding Facility
September 30, 2023	675,600		2,119		—	N/A
December 31, 2022	647,600		1,845		—	N/A
December 31, 2021	248,000		1,702		—	N/A
Middle Peak Funding Facility
September 30, 2023	600,950		2,119		—	N/A
December 31, 2022	596,950		1,845		—	N/A
December 31, 2021	799,550		1,702		—	N/A
Bison Peak Funding Facility
September 30, 2023	700,000		2,119		—	N/A
December 31, 2022	1,182,000		1,845		—	N/A
December 31, 2021	1,320,800		1,702		—	N/A
Blanca Peak Funding Facility
September 30, 2023	1,375,100		2,119		—	N/A
December 31, 2022	1,081,000		1,845		—	N/A
December 31, 2021	892,800		1,702		—	N/A
Windom Peak Funding Facility
September 30, 2023	1,290,314		2,119		—	N/A
December 31, 2022	1,741,465		1,845		—	N/A
December 31, 2021	989,759		1,702		—	N/A
Monarch Peak Funding Facility
September 30, 2023	1,400,400		2,119		—	N/A
December 31, 2022	873,400		1,845		—	N/A
December 31, 2021	567,400		1,702		—	N/A


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
Borah Peak Funding Facility
September 30, 2023	$	80,000	$	2,119	—	N/A
December 31, 2022	223,000		1,845		—	N/A
2022-1 BSL WH
September 30, 2023	—		—		—	N/A
December 31, 2022	148,000		1,845		—	N/A
Naomi Peak Funding Facility
September 30, 2023	385,000		2,119		—	N/A
December 31, 2022	400,000		1,845		—	N/A
Meridian Peak Funding Facility
September 30, 2023	220,000		2,119		—	N/A
December 31, 2022	170,000		1,845		—	N/A
Haydon Peak Funding Facility
September 30, 2023	49,000		2,119		—	N/A
December 31, 2022	49,000		1,845		—	N/A
Bear Peak Funding Facility
September 30, 2023	370,660		2,119		—	N/A
December 31, 2022	166,031		1,845		—	N/A
Revolving Credit Facility
September 30, 2023	1,092,402		2,119		—	N/A
December 31, 2022	1,470,758		1,845		—	N/A
December 31, 2021	1,144,422		1,702		—	N/A
June 2024 Notes
September 30, 2023	435,000		2,119		—	N/A
December 31, 2022	435,000		1,845		—	N/A
December 31, 2021	435,000		1,702		—	N/A
June 2026 Notes
September 30, 2023	400,000		2,119		—	N/A
December 31, 2022	400,000		1,845		—	N/A
December 31, 2021	400,000		1,702		—	N/A
May 2027 Notes
September 30, 2023	625,000		2,119		—	N/A
December 31, 2022	625,000		1,845		—	N/A
October 2027 Notes
September 30, 2023	350,000		2,119		—	N/A
December 31, 2022	350,000		1,845		—	N/A
September 2024 Notes
September 30, 2023	365,000		2,119		—	N/A
December 31, 2022	365,000		1,845		—	N/A
December 31, 2021	365,000		1,702		—	N/A
December 2026 Notes
September 30, 2023	1,250,000		2,119		—	N/A
December 31, 2022	1,250,000		1,845		—	N/A
December 31, 2021	1,250,000		1,702		—	N/A


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
November 2026 Eurobonds
September 30, 2023	$	529,375	$	2,119	—	N/A
December 31, 2022	534,975		1,845		—	N/A
December 31, 2021	569,958		1,702		—	N/A
November 2024 Notes
September 30, 2023	500,000		2,119		—	N/A
December 31, 2022	500,000		1,845		—	N/A
December 31, 2021	500,000		1,702		—	N/A
March 2027 Notes
September 30, 2023	1,000,000		2,119		—	N/A
December 31, 2022	1,000,000		1,845		—	N/A
December 31, 2021	1,000,000		1,702		—	N/A
January 2025 Notes
September 30, 2023	500,000		2,119		—	N/A
December 31, 2022	500,000		1,845		—	N/A
January 2029 Notes
September 30, 2023	650,000		2,119		—	N/A
December 31, 2022	650,000		1,845		—	N/A
March 2025 Notes
September 30, 2023	900,000		2,119		—	N/A
December 31, 2022	900,000		1,845		—	N/A
April 2026 UK Bonds
September 30, 2023	305,150		2,119		—	N/A
December 31, 2022	301,725		1,845		—	N/A
September 2025 Notes
September 30, 2023	800,000		2,119		—	N/A
December 31, 2022	800,000		1,845		—	N/A
2021-1 BSL Notes
September 30, 2023	663,000		2,119		—	N/A
December 31, 2022	663,000		1,845		—	N/A
December 31, 2021	663,000		1,702		—	N/A
2021-2 Notes
September 30, 2023	505,800		2,119		—	N/A
December 31, 2022	505,800		1,845		—	N/A
December 31, 2021	505,800		1,702		—	N/A
MML 2021-1 Debt
September 30, 2023	690,000		2,119		—	N/A
December 31, 2022	690,000		1,845		—	N/A
December 31, 2021	690,000		1,702		—	N/A
MML 2022-1 Debt
September 30, 2023	759,000		2,119		—	N/A
December 31, 2022	759,000		1,845		—	N/A
2022-1 BSL Debt
September 30, 2023	420,000		2,119		—	N/A
December 31, 2022	420,000		1,845		—	N/A


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1)		Asset Coverage per Unit(2)		Involuntary Liquidating Preference per Unit(3)	Average Market Value per Unit(4)
MML 2022-2 Debt
September 30, 2023	$	300,500	$	2,119	—	N/A
December 31, 2022	300,500		1,845		—	N/A
Short-Term Borrowings
September 30, 2023	28,546		2,119		—	N/A
December 31, 2022	619,377		1,845		—	N/A
December 31, 2021	718,156		1,702		—	N/A

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading.

As of September 30, 2023 and December 31, 2022 the aggregate principal amount of indebtedness outstanding was $23.4 billion and $26.8 billion, respectively.

Investment Objectives and Practices [Text Block]

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). If we change our 80% test, we will provide shareholders with at least 60 days’ notice of such change. Under normal circumstances we expect that the majority of our portfolio will be in privately originated and privately negotiated investments, predominantly direct lending to U.S. private companies through (i) first lien senior secured and unitranche loans (including first-out/last-out loans) and (ii) second lien, unsecured, subordinated or mezzanine loans and structured credit, as well as broadly syndicated loans (for which we may serve as an anchor investor), club deals (generally investments made by a small group of investment firms) and other debt and equity securities (the investments described in this sentence, collectively, “Private Credit”). In limited instances we may retain the “last out” portion of a first-lien loan. In such cases, the “first out” portion of the first lien loan would receive priority with respect to payment over our “last out” position. In exchange for the higher risk of loss associated with such “last out” portion, we would earn a higher rate of interest than the “first out” position. To a lesser extent, we will also invest in publicly traded securities of large corporate issuers (“Opportunistic Credit”). We expect that the Opportunistic Credit investments will generally be liquid, and may be used for the purposes of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facilities and unsecured debt issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to the holders of our shares.

As of September 30, 2023 and December 31, 2022, our debt consisted of asset based leverage facilities, revolving credit facility, unsecured note issuances, short term borrowings related to repurchase obligations and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. Dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of September 30, 2023 and December 31, 2022, we had an aggregate principal amount of $23,366.5 million and $26,842.2 million, of debt securities outstanding and our asset coverage ratio was 211.9% and 184.5%, respectively.

Cash and cash equivalents as of September 30, 2023, taken together with our $11,489.3 million of unused capacity under our credit facilities (subject to borrowing base availability, $9,771.7 million is available to borrow), proceeds from new or amended financing arrangements and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of September 30, 2023, we had significant amounts payable and commitments for new investments, which we planned to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $5,175.6 million of Level 2 debt investments as of September 30, 2023, which could provide additional liquidity if necessary.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of September 30, 2023, we had $1,282.3 million in cash and cash equivalents. During the nine months ended September 30, 2023, cash provided by operating activities was $3,086.9 million, primarily as a result of proceeds from repayments on and sale of investments of $4,743.7 million and a decrease in receivables for investments sold of $411.4 million, partially offset by purchases of portfolio investments of $3,702.9 million as well as a decrease in payables for investments purchased of $392.1 million . Cash used in financing activities was $3,154.1 million during the period, primarily as a result of $3,474.5 million of net repayments on debt and $3,258.6 million of share repurchases, partially offset by $4,599.6 million of subscriptions.

Effects of Leverage [Text Block]

Financial Condition, Liquidity and Capital Resources

We generate cash primarily from the net proceeds of our continuous offering of Common Shares, proceeds from net borrowings on our credit facilities and unsecured debt issuances, income earned and repayments on principal on our debt investments. The primary uses of our cash and cash equivalents are for (i) originating and purchasing debt and other investments, (ii) funding the costs of our operations (including fees paid to our Adviser and expense reimbursements paid to our Administrator), (iii) debt service, repayment and other financing costs of our borrowings, (iv) funding repurchases under our share repurchase program and (v) cash distributions to the holders of our shares.

As of September 30, 2023 and December 31, 2022, our debt consisted of asset based leverage facilities, revolving credit facility, unsecured note issuances, short term borrowings related to repurchase obligations and debt securitizations. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations, unsecured debt and other forms of debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. Dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. As of September 30, 2023 and December 31, 2022, we had an aggregate principal amount of $23,366.5 million and $26,842.2 million, of debt securities outstanding and our asset coverage ratio was 211.9% and 184.5%, respectively.

Cash and cash equivalents as of September 30, 2023, taken together with our $11,489.3 million of unused capacity under our credit facilities (subject to borrowing base availability, $9,771.7 million is available to borrow), proceeds from new or amended financing arrangements and the continuous offering of our Common Shares is expected to be sufficient for our investing activities and to conduct our operations in the near term. This determination is based in part on our expectations for the timing of funding investment purchases and the timing and amount of future proceeds from sales of our Common Shares and the use of existing and future financing arrangements. As of September 30, 2023, we had significant amounts payable and commitments for new investments, which we planned to fund using proceeds from offering our Common Shares and available borrowing capacity under our credit facilities. Additionally, we held $5,175.6 million of Level 2 debt investments as of September 30, 2023, which could provide additional liquidity if necessary.

Although we have historically been able to obtain sufficient borrowing capacity, a deterioration in economic conditions or any other negative economic developments could restrict our access to financing in the future. We may not be able to find new financing for future investments or liquidity needs and, even if we are able to obtain such financing, such financing may not be on as favorable terms as we have previously obtained. These factors may limit our ability to make new investments and adversely impact our results of operations.

As of September 30, 2023, we had $1,282.3 million in cash and cash equivalents. During the nine months ended September 30, 2023, cash provided by operating activities was $3,086.9 million, primarily as a result of proceeds from repayments on and sale of investments of $4,743.7 million and a decrease in receivables for investments sold of $411.4 million, partially offset by purchases of portfolio investments of $3,702.9 million as well as a decrease in payables for investments purchased of $392.1 million . Cash used in financing activities was $3,154.1 million during the period, primarily as a result of $3,474.5 million of net repayments on debt and $3,258.6 million of share repurchases, partially offset by $4,599.6 million of subscriptions.

Share Price

$ 25.00