Private company

BlackRock Private Credit Fund

Investment fund that raised $110,000 in 2025 (SEC Form D), active since 20212

In its 2026 annual report the company says: “BlackRock Private Credit Fund is a Delaware statutory trust formed on December 23, 2021.”5 It is headquartered in Wilmington, United States.2

Last updated Oct 20, 2026.

Overview

$77.5MNet income, fiscal 20253
  • HeadquartersWilmington, United States2
  • Incorporated inDE4
  • Business address50 Hudson Yards, New York, Ny 100014
  • Filer category, Emerging growth company4
  • Legal formBusiness Trust2
  • Kind of organizationInvestment fund2
  • LEI549300U4NNKN3111LW762
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o THE CORPORATION TRUST COMPANY, 1209 ORANGE ST, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 64955142

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BlackRock Private Credit Fund (“BDEBT” or the “Fund”) is a Delaware statutory trust formed on December 23, 2021. The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the 1940 Act. The Fund is externally managed by BlackRock Capital Investment Advisors, LLC (the “Investment Adviser”). BlackRock Advisors, LLC (the “Sub-Adviser” and, together with the Investment Adviser, the “Advisers”) serves as the Fund’s sub-adviser. The Advisers are subsidiaries of BlackRock, Inc. (together with its subsidiaries, including but not limited to the Advisers, “BlackRock”). BlackRock Financial Management, Inc. serves as the administrator of the Fund (the “Administrator”), and is affiliated with the Advisers.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

4.9%Return on equity3
0.53×Debt to equity3

Financial statements

Operating income3$65.8M in 2025+482% since 2023
0$20.0M$40.0M$60.0M$80.0M2023: $11.3M$11.3M20232024: $30.9M$30.9M2024+173%2025: $65.8M$65.8M2025+113%
Net income3$77.5M in 2025+174% since 2023
0$20.0M$40.0M$60.0M$80.0M2023: $28.3M$28.3M20232024: $45.4M$45.4M2024+60%2025: $77.5M$77.5M2025+71%
Fiscal year2022202320242025
Operating expenses$16.7M3$30.9M3$77.9M3
Operating income$11.3M3$30.9M3$65.8M3
Net income$28.3M3$45.4M3$77.5M3
Earnings per share$4.039
Earnings per share (diluted)$4.039
Shares (weighted, basic)7.1M shares9
Shares (weighted, diluted)7.1M shares9

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What it owns

What BlackRock Private Credit Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$221.2M3 Dec 31, 2025$41.1M3 Dec 31, 2024+438.5%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our executive offices are located at 50 Hudson Yards, New York, NY 10018, and are provided by the Investment Adviser in accordance with the terms of the Administration Agreement. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Mar 2, 2026.5

Leadership

Who has led BlackRock Private Credit Fund, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Philip M. Tseng2025–now

President

  1. Philip M. Tseng2022
  2. Jason Mehring2024–now

Chief financial officer

  1. Erik L. Cuellar2022

Chief operating officer

  1. Patrick Wolfe2022–now
2025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Co-Chief Investment OfficerDan L. Worrell named Oct 10, 202522
  • Secretary and General CounselDiana L. Huffman named Oct 10, 202522
  • TrusteeAndrea L. Petro named Oct 10, 202522
  • TrusteeEric J. Draut named Oct 10, 202522
  • TrusteeJohn L. Perlowski named Oct 10, 202522
  • TrusteeMaureen K. Usifer named Oct 10, 202522

Timeline

  1. Sep 25, 20268-K Unregistered sale of shares; Other events23
  2. Sep 25, 20268-K Executive or director change24
  3. Sep 11, 20268-K Other events25
  4. Sep 4, 20268-K Executive or director change; Other events26
  5. Aug 26, 20268-K Unregistered sale of shares; Other events27
  6. Jul 24, 20268-K Unregistered sale of shares; Other events28
  7. Jun 25, 20268-K Unregistered sale of shares; Other events29
  8. Jun 12, 20268-K Regulation FD disclosure30
  9. May 27, 20268-K Shareholder vote31
  10. May 26, 20268-K Unregistered sale of shares; Other events32
  11. May 4, 20268-K Other events33
  12. Apr 24, 20268-K Unregistered sale of shares; Other events34
  13. Jan 23, 2025New chief executive Philip M. Tseng becomes CEO12
  14. Dec 23, 2021Founded BlackRock Private Credit Fund is founded2

Filings

234 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 88 major events, 32 insider forms, 1 private raises, 96 other. The latest 20:

  1. Sep 25, 20268-K EDGAR
  2. Sep 25, 20268-K EDGAR
  3. Sep 18, 2026N-2/A EDGAR
  4. Sep 11, 20268-K EDGAR
  5. Sep 4, 2026424B3 EDGAR
  6. Sep 4, 20268-K EDGAR
  7. Aug 26, 20268-K EDGAR
  8. Aug 21, 2026N-2/A EDGAR
  9. Aug 10, 2026SC TO-I EDGAR
  10. Aug 7, 2026424B3 EDGAR
  11. Aug 6, 202610-Q EDGAR
  12. Aug 4, 2026SC TO-I/A EDGAR
  13. Jul 24, 2026N-2/A INITIAL FILING OF A REGISTRATION STATEMENT ON FORM N-2 FOR CLOSED-END INVESTMENT EDGAR
  14. Jul 24, 20268-K EDGAR
  15. Jun 26, 2026N-2/A EDGAR
  16. Jun 25, 20268-K EDGAR
  17. Jun 12, 20268-K EDGAR
  18. May 28, 2026N-2/A EDGAR
  19. May 27, 20268-K EDGAR
  20. May 26, 20268-K EDGAR

The 234 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Oct 20, 2022BLACKROCK FINANCIAL MANAGEMENT INC/DE10% ownerBuy1,255,265$23.74$29.8MForm 4
Aug 12, 2022BLACKROCK FINANCIAL MANAGEMENT INC/DE10% ownerBuy851,426$23.49$20.0MForm 4

From Forms 4 filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 1, 2025Raised $110,000 in a private offering of debt Form D: 110 investors so far Form D

SEC filer profile

How BlackRock Private Credit Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBlackRock Private Credit Fund1
  • CIK0001902649
  • Employer ID (EIN)87-46550205
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Business address50 Hudson Yards, New York, NY 100011
  • Phone(212) 813-58001
  • Shares outstanding63,477,885 Institutional Class Shares shares; 4,937,844 Class S Shares shares; 95,624 Class D Shares shares as of Feb 26, 20265
  • Public float$0 as of Dec 31, 20253
  • AuditorDeloitte & Touche LLP, Los Angeles, California PCAOB ID 345
  • On EDGAR sinceJan 6, 20221
  • Filings244 in all: 8-K (88), 424B3 (28), 3 (18), SC TO-I/A (16), 4 (14), SC TO-I (14), 10-Q (13), 40-APP/A (7)1
    All 26 form types

    N-2/A (7), 40-17G (5), 486BPOS (5), 10-K (4), DEF 14A (4), 40-APP (3), N-2 (3), POS EX (3), DEFA14A (2), IRANNOTICE (2), 8-A12G (1), ARS (1), CORRESP (1), D (1), DEFR14A (1), EFFECT (1), N-54A (1), N-6F (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 9, 2026
    Latest 8-K (8-K) Sep 25, 2026

Risk factors and legal proceedings

The risks BlackRock Private Credit Fund names in Item 1A of its 10-K filed Mar 2, 2026: 78 risks under these headings, as written.5

  • Shareholders are dependent on the judgment and abilities of the Advisers.
  • The level of analytical sophistication, both financial and legal, necessary for successful investment in the Fund’s investments is unusually high.
  • Our Common Shares will not be insured or guaranteed by any person or entity, and shareholders could experience a total loss of their investment.
  • Because our investments are generally not in publicly traded securities, there will be uncertainty regarding the value of our investments, which could adversely affect the determination of our net asset value.
  • As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us.
  • A BlackRock credit event could adversely affect our business.
  • Shareholders will not have any direct interest in our investments.
  • We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our shares less attractive to investors.
  • Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.
  • We may from time to time enter into credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We may form one or more CLOs, which may subject us to certain structured financing risks.
  • Debt obligations are subject to credit and interest rate risks which may adversely affect the performance of our investments.
The other 66 risks
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impact our business, financial condition and earnings.
  • Tariffs may adversely affect us or our portfolio companies.
  • We may be impacted by general European economic conditions.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • We are subject to risks related to inflation.
  • MiFID II obligations could have an adverse effect on the ability of the Advisers and its MiFID-authorized EEA affiliates to obtain and research in connection with the provision of an investment service.
  • Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital, which would harm our ability to achieve our investment objectives.
  • We are exposed to heightened credit and liquidity risks in the current environment.
  • Investments in covenant-lite loans may expose us to different and increased risks.
  • Our investments in non-U.S. portfolio companies may expose us to additional risks.
  • The effect of global climate change may impact the operations of our portfolio companies.
  • The lack of liquidity in certain of our investments may adversely affect our business.
  • As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • Our ability to achieve our investment objective depends on the ability of the Advisers to manage and support our investment process. If the Advisers or BlackRock were to lose any members of their respective senior management teams, our ability to achieve our investment objective could be significantly harmed.
  • We are not managed by BlackRock, but rather one of its subsidiaries and may not replicate the success of that entity or BlackRock.
  • Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms.
  • Changes in interest rates and currency exchange rates may affect our cost of capital and net investment income.
  • We may invest in credit derivatives that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • Posting collateral exposes us to additional risks of our counterparties.
  • Borrowings expose us to additional risks and could adversely affect our business, financial condition and results of operations.
  • We generally will not control our portfolio companies.
  • Board or committee participation may limit our ability to sell investments.
  • The Fund may become involved in third-party litigation.
  • We could be subject to lender liability and equitable subordination.
  • Inaccurate projections could adversely affect the performance of our investments.
  • We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • The Advisers will exercise discretion in selecting brokers and dealers to execute transactions on our behalf.
  • We may incur losses as a result of errors.
  • We may be subject to the risks of the credit or liquidity problems of our contractual counterparties.
  • The U.S. and global capital markets are subject to systemic risk that could adversely affect our business, financial condition and results of operations.
  • There can be no assurance that any risk control framework will achieve its objective.
  • We will be obligated to pay certain fees and expenses regardless of our performance and results of operations.
  • The Fund is subject to laws that restrict it from dealing with entities, individuals, organizations and/or investments which are subject to applicable sanctions regimes.
  • Legislative and regulatory changes may adversely affect our costs of compliance or the value of our investments.
  • We may not be able to obtain all required state licenses.
  • General economic conditions could adversely affect the performance of our investments.
  • Uncertainty regarding the Euro and the Eurozone could adversely affect the value of our investments.
  • Governmental intervention in the financial markets may increase volatility.
  • We may experience cybersecurity incidents and are subject to cyber-security risks.
  • We are subject to the cybersecurity risks of our Service Providers, which could negatively impact the Fund and its shareholders.
  • We may face a breach of our cyber security, which could result in adverse consequences to our operations and exposure of confidential information.
  • We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our ability to pay dividends.
  • We are subject to risks associated with artificial intelligence and machine learning technology.
  • Certain Tax Risks
  • Legislative or regulatory tax changes could adversely affect investors.
  • We will be subject to corporate-level income tax if we are unable to maintain our status as a RIC under Subchapter M of the Code or to satisfy RIC distribution requirements.
  • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.
  • Risks Related to the Fund’s Regulation and Operation as a BDC
  • Our Board of Trustees may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • The Advisers’ potential liability under the Advisory Agreement and Sub-Advisory Agreement is limited.
  • The Advisers and their affiliates, including our officers and some of our Trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders. In addition, we may be obligated to pay the Investment Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.
  • We are dependent upon senior management personnel of the Investment Adviser for our future success; if the Investment Adviser is unable to retain qualified personnel or if the Investment Adviser loses any member of its senior management team, our ability to achieve our investment objective could be significantly harmed.
  • The resignation of the Advisers could adversely affect our business, financial condition and results of operations.
  • The requirement that we invest a sufficient portion of our assets in Qualifying Assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC.
  • Failure to maintain our status as a BDC could have an adverse effect on our business.
  • Our ability to enter into transactions with our affiliates is restricted.
  • Our Advisers and their affiliates and employees may have certain conflicts of interest.
  • Changes in laws may negatively impact our business, results of operations or financial condition.
  • Our compensation arrangements with our Advisers may create certain conflicts of interest.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer.
  • When we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available for distribution to our shareholders and result in losses.
  • We may default under our credit facilities.
  • We are uncertain of our sources for funding future distributions.
  • Although we have adopted a share repurchase program, we have discretion to not repurchase your shares, to suspend the program, and to cease repurchases.
  • The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders.
  • If we are unable to raise substantial funds, then we will be more limited in the number and type of investments we may make, our expenses may be higher relative to our total assets, and the value of your investment in us may be reduced in the event our assets under-perform.

Legal proceedings

We and the Investment Adviser are not currently subject to any material pending or threatened legal proceedings against us. From time to time, we may be a party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition or results of operations.

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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