Blackstone Private Credit Fund Adds $315M in New Capital

With a portfolio valued at $79B and NAV steady at $24.87 per share, the fund continues robust growth.

December 19, 2025

Capital Raised Through Private Offering

Blackstone Private Credit Fund continues to scale. On December 18, the fund finalized the sale of roughly 12.7 million unregistered Class I common shares, locking in $315 million in capital. These shares were issued through a private offering, exempt from SEC registration, and form part of Blackstone’s broader capital-raising strategy.

December Distribution Breakdown

The fund also declared its December distribution. Each class of common shares—Class I, S, and D—will pay out a gross distribution of $0.20 per share. After factoring in servicing and distribution fees, shareholders will receive:

• $0.20 per share for Class I


• $0.1948 per share for Class D


• $0.1824 per share for Class S

These distributions are payable to shareholders of record as of December 31 and will be issued around January 28. Investors enrolled in the reinvestment plan will see these amounts reinvested automatically.

Portfolio and NAV Highlights

As of November 30, 2025, the fund reported a net asset value of $24.87 per share across all share classes. Total NAV reached $49.1 billion, while the fair value of the portfolio hit $79.0 billion. Debt outstanding stood at $32.9 billion, resulting in a debt-to-equity leverage ratio of 0.67x for the month.

Debt Structure and Leverage Strategy

The fund maintains $38.4 billion in committed debt capacity. The capital structure is primarily floating rate (90%), with the remaining 10% in fixed rate. Of the floating rate portion, 71% is secured. On the fixed side, 84% is unsecured. Some fixed-rate notes are hedged using interest rate swaps to generate floating-rate exposures.

Drawn leverage includes a combination of:

• Corporate revolvers – 13%


• Asset-based credit facilities – 34%


• Unsecured bonds – 34%


• Secured short-term debt – 1%


• CLOs and other secured instruments – 18%

Ongoing Share Issuance

Blackstone continues to raise capital through a dual-channel approach. The fund is actively offering up to $45 billion in shares through a continuous public program, alongside unregistered shares issued via the private offering. So far, total capital raised across both channels exceeds $55 billion.

That includes:

• Over 889 million Class I shares issued privately


• Substantial Class I, S, and D shares issued publicly

With NAV holding steady, new capital secured, and monthly distributions on schedule, the fund is continuing to grow while managing risk across its capital structure.