Private company

Blackstone Private Credit Fund

Blackstone Private Credit Fund is a company based in New York.1

Last updated Oct 20, 2026.

Overview

$3.4BNet income, fiscal 20252
  • HeadquartersNew York, New York1
  • Business address345 Park Avenue, 31St Floor, New York, Ny 101543
  • Filer categoryNon-accelerated filer3

See how the biggest companies compare on our leaderboards

Financials

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

Key numbers, fiscal 2025

7.1%Return on equity2

Financial statements

Net income562$3.4B in 2025+437% since 2021
0$1.0B$2.0B$3.0B$4.0B2021: $627.9M$627.9M20212022: $663.1M$663.1M2022+6%2023: $3.4B$3.4B2023+407%2024: $3.5B$3.5B2024+4%2025: $3.4B$3.4B2025−3%
Fiscal year20212022202320242025
Interest$144.9M5$990.5M6$1.8B2$1.8B2$1.9B2
Net income$627.9M5$663.1M6$3.4B2$3.5B2$3.4B2

Compare Blackstone Private Credit Fund with another company

Corporate structure

Blackstone Private Credit Fund sits at the top of its group. 50 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Blackstone Private Credit Fund New York, New York
    • BCRED Associates GP (Lux) S.à r.l Subsidiary · Luxembourg
    • BCRED BARD PEAK FUNDING LLC Subsidiary · Delaware, United States
    • BCRED BEAR PEAK FUNDING LLC Subsidiary · Delaware, United States
    • BCRED BISON PEAK FUNDING LLC Subsidiary · Delaware, United States
    • BCRED BLANCA PEAK FUNDING LLC Subsidiary · Delaware, United States
    • BCRED BORAH PEAK FUNDING, LLC Subsidiary · Delaware, United States
    • BCRED BSL CLO 2021-2, LLC Subsidiary · Delaware, United States
    • BCRED BSL CLO 2022-1 LLC Subsidiary · Delaware, United States
    • BCRED BSL STATIC CLO 2025-1, LLC Subsidiary · Delaware, United States
    • BCRED BSL WH 2022-1 FUNDING LLC Subsidiary · Delaware, United States
    • BCRED BUSHNELL PEAK FUNDING LLC Subsidiary · Delaware, United States
    • BCRED C-1 LLC Subsidiary · Delaware, United States
    • BCRED C-2 Funding LLC Subsidiary · Delaware, United States
    • BCRED C-3 Funding LLC Subsidiary · Delaware, United States
    • BCRED CASTLE PEAK FUNDING LLC Subsidiary · Delaware, United States
    • BCRED CLO 2023-1 Depositor LLC Subsidiary · Delaware, United States
    • BCRED CLO 2023-1 LLC Subsidiary · Delaware, United States
    • BCRED CLO 2024-1 Depositor LLC Subsidiary · Delaware, United States
    • BCRED CLO 2024-1 LLC Subsidiary · Delaware, United States
    • BCRED CLO 2024-2 Depositor LLC Subsidiary · Delaware, United States
    • BCRED CLO 2024-2 LLC Subsidiary · Delaware, United States
    • BCRED CLO 2025-1 DEPOSITOR LLC Subsidiary · Delaware, United States
    • BCRED CLO 2025-1 LLC Subsidiary · Delaware, United States
    • BCRED DENALI PEAK FUNDING LLC Subsidiary · Delaware, United States
    • BCRED Direct Lending I (Lux) SCSp Subsidiary · Luxembourg
    • and 24 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Blackstone 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$2.3B2 Dec 31, 2025$1.7B2 Dec 31, 2024+42.3%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. Our corporate headquarters are located at 345 Park Avenue, New York, New York 10154 and are provided by the Administrators in accordance with the terms of the Administration Agreements. 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 13, 2026.12

Leadership

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

President

  1. Carlos Whitaker2021–now

Chief financial officer

  1. Stephan Kuppenheimer2020–2021
  2. Edward Desloge2023

Chief operating officer

  1. Katherine Rubenstein2021
2025
Board members and other officers (13)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • BCRED Associates GP (Lux) S.à r.l LUXEMBOURG4
  • BCRED BARD PEAK FUNDING LLC DELAWARE4
  • BCRED BEAR PEAK FUNDING LLC DELAWARE4
  • BCRED BISON PEAK FUNDING LLC DELAWARE4
  • BCRED BLANCA PEAK FUNDING LLC DELAWARE4
  • BCRED BORAH PEAK FUNDING, LLC DELAWARE4
  • BCRED BSL CLO 2021-2, LLC DELAWARE4
  • BCRED BSL CLO 2021-2, Ltd. CAYMAN ISLANDS4
  • BCRED BSL CLO 2022-1 LLC DELAWARE4
  • BCRED BSL CLO 2022-1 Ltd. JERSEY4
  • BCRED BSL STATIC CLO 2025-1, LLC DELAWARE4
  • BCRED BSL STATIC CLO 2025-1, LTD. CAYMAN ISLANDS4
  • BCRED BSL WH 2022-1 FUNDING LLC DELAWARE4
  • BCRED BUSHNELL PEAK FUNDING LLC DELAWARE4
  • BCRED C-1 LLC DELAWARE4
  • BCRED C-2 Funding LLC DELAWARE4
  • BCRED C-3 Funding LLC DELAWARE4
  • BCRED CASTLE PEAK FUNDING LLC DELAWARE4
  • BCRED CLO 2023-1 Depositor LLC DELAWARE4
  • BCRED CLO 2023-1 LLC DELAWARE4
  • BCRED CLO 2024-1 Depositor LLC DELAWARE4
  • BCRED CLO 2024-1 LLC DELAWARE4
  • BCRED CLO 2024-2 Depositor LLC DELAWARE4
  • BCRED CLO 2024-2 LLC DELAWARE4
All 52 listed subsidiaries
  • BCRED CLO 2025-1 DEPOSITOR LLC DELAWARE4
  • BCRED CLO 2025-1 LLC DELAWARE4
  • BCRED DENALI PEAK FUNDING LLC DELAWARE4
  • BCRED Direct Lending I (Lux) SCSp LUXEMBOURG4
  • BCRED GANNETT PEAK FUNDING LLC DELAWARE4
  • BCRED GRANITE PEAK FUNDING LLC DELAWARE4
  • BCRED HAYDON PEAK FUNDING LLC DELAWARE4
  • BCRED INVESTMENTS LLC DELAWARE4
  • BCRED JACQUE PEAK FUNDING LLC DELAWARE4
  • BCRED LENDER FINANCE 2025-1 DEPOSITOR LLC DELAWARE4
  • BCRED LENDER FINANCE 2025-1 LLC DELAWARE4
  • BCRED LENDER FINANCE 2025-2 DEPOSITOR LLC DELAWARE4
  • BCRED LENDER FINANCE 2025-2 LLC DELAWARE4
  • BCRED MAROON PEAK FUNDING LLC DELAWARE4
  • BCRED MERIDIAN PEAK FUNDING LLC DELAWARE4
  • BCRED MIDDLE PEAK FUNDING LLC DELAWARE4
  • BCRED MML CLO 2021-1 LLC DELAWARE4
  • BCRED MML CLO 2022-1 LLC DELAWARE4
  • BCRED MML CLO 2022-2 LLC DELAWARE4
  • BCRED MONARCH PEAK FUNDING LLC DELAWARE4
  • BCRED NAOMI PEAK FUNDING LLC DELAWARE4
  • BCRED PHOENIX PEAK FUNDING LLC DELAWARE4
  • BCRED SUMMIT PEAK FUNDING LLC DELAWARE4
  • BCRED TWIN PEAKS LLC DELAWARE4
  • BCRED WINDOM PEAK FUNDING GP LLC DELAWARE4
  • BCRED WINDOM PEAK FUNDING LP DELAWARE4
  • BCRED X HOLDINGS LLC DELAWARE4
  • BX FRONTIER MEMBER II LLC DELAWARE4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 30, 20268-K Shareholder vote; Other events30
  2. Sep 22, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events31
  3. Aug 20, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events32
  4. Aug 19, 20268-K Other events33
  5. Jul 30, 20268-K Regulation FD disclosure34
  6. Jul 24, 20268-K Executive or director change35
  7. Jul 23, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events36
  8. Jun 23, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events37
  9. Jun 18, 20268-K Executive or director change38
  10. May 21, 20268-K Unregistered sale of shares; Regulation FD disclosure; Other events39
  11. Apr 29, 20268-K Regulation FD disclosure40
  12. Apr 27, 20268-K Other events41

Calendar

When it reported results

  1. Jul 24, 2023Reported quarterly or annual results42

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

352 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 123 major events, 21 insider forms, 188 other. The latest 20:

  1. Oct 15, 2026N-2/A EDGAR
  2. Sep 30, 20268-K EDGAR
  3. Sep 22, 20268-K EDGAR
  4. Sep 17, 2026N-2/A EDGAR
  5. Sep 3, 2026SC TO-I/A ISSUER TENDER OFFER EDGAR
  6. Aug 21, 2026CORRESP EDGAR
  7. Aug 20, 20268-K EDGAR
  8. Aug 20, 2026N-2/A EDGAR
  9. Aug 19, 20268-K EDGAR
  10. Aug 18, 2026424B2 EDGAR
  11. Aug 18, 2026424B3 EDGAR
  12. Aug 17, 2026FWP EDGAR
  13. Aug 17, 2026424B2 EDGAR
  14. Aug 12, 202610-Q EDGAR
  15. Aug 4, 2026SC TO-I/A EDGAR
  16. Aug 4, 2026SC TO-I EDGAR
  17. Jul 30, 20268-K EDGAR
  18. Jul 24, 2026N-2/A EDGAR
  19. Jul 24, 20268-K EDGAR
  20. Jul 24, 2026424B3 EDGAR

The 352 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

5 open-market trades by officers, directors and large owners since October 2021: 5 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 7, 2026Sawhney VikrantBuy1,019$980.96$1.0MForm 4
Apr 7, 2026Marshall BradTrusteeBuy5,097$980.96$5.0MForm 4
Apr 7, 2026Whitaker CarlosPresidentBuy765$980.96$750.0KForm 4
Jun 19, 2025Bass Robert JBuy1,983$25.21$50.0KForm 4
Apr 16, 2025Fuller Vicki LBuy792$25.25$20.0KForm 4

From Forms 4 filed with the SEC.

SEC filer profile

How Blackstone 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 EDGARBlackstone Private Credit Fund1
  • CIK0001803498
  • Employer ID (EIN)84-707153112
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company12
  • Incorporated inDelaware12
  • Fiscal year endsDecember 311
  • Business address345 Park Avenue, 31St Floor, New York, NY 101541
  • Phone212-503-21001
  • Shares outstanding1,359,084,524 Common Class I shares; 595,345,019 Common Class S shares; 24,158,822 Common Class D shares as of Mar 9, 202612
  • Public float$0 as of Jun 30, 20252
  • AuditorDELOITTE & TOUCHE LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting12
  • On EDGAR sinceFeb 13, 20201
  • Filings447 in all: 8-K (142), SC TO-I/A (37), 424B3 (34), 3 (27), 4 (27), SC TO-I (22), 10-Q (18), CORRESP (16)1
    All 40 form types

    424B2 (14), N-2/A (14), IRANNOTICE (9), FWP (8), 40-APP/A (7), POS EX (7), 10-K (6), 40-17G (6), EFFECT (6), N-2 (6), N-14 8C/A (5), 486BPOS (4), N-14 8C (4), 40-APP (3), 8-K/A (2), APP NTC (2), ARS (2), DEF 14A (2), DRS (2), DRS/A (2), SC 13D/A (2), 144 (1), 424B1 (1), 8-A12G (1), APP ORDR (1), DEFA14A (1), N-14MEF (1), N-2ASR (1), N-54A (1), N-6F (1), SC 13D (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 13, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Jun 26, 2026
    Latest 8-K (8-K) Sep 30, 2026

Risk factors and legal proceedings

The risks Blackstone Private Credit Fund names in Item 1A of its 10-K filed Mar 13, 2026: 78 risks under these headings, as written.12

  • A.Risks Related to Our Business and Structure
  • Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.
  • Our ability to achieve our investment objectives depends on the ability of the Advisers to manage and support our investment process. If the Advisers or Blackstone Credit & Insurance were to lose any members of their respective senior management teams, our ability to achieve our investment objectives could be significantly harmed.
  • Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Advisers to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • Although we have implemented a share repurchase program, we have discretion to not repurchase shares, and our Board has the ability to amend or suspend the program.
  • We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses.
  • We may have difficulty sourcing investment opportunities.
  • We face risks associated with the deployment of our capital.
  • 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.
  • The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders.
  • There is a risk that investors in our Common Shares may not receive distributions or that our distributions may decrease over time.
  • The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from any securities offering. Therefore, portions of the distributions that we make may represent a return of capital to a shareholder that will lower such shareholder’s tax basis in its shares and reduce the amount of funds we have for investment in targeted assets.
The other 67 risks
  • We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from securities offerings, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
  • As a public reporting 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.
  • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
  • Trade negotiations and related government actions may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies.
  • Financial regulatory changes in the United States could adversely affect our business.
  • We, the Advisers and their affiliates are subject to regulatory oversight, which could negatively impact our operations, cash flow or financial condition, impose additional costs on us or otherwise adversely affect our business.
  • The impact of financial reform legislation on us is uncertain.
  • We may experience fluctuations in our quarterly results.
  • Transactions denominated in foreign currencies subject us to foreign currency risks.
  • General economic conditions could contribute to increased market volatility and have a material adverse impact on the performance of our investments and operations.
  • Inflation and supply chain risks have had and may continue to have an adverse impact on our financial condition and results of operations.
  • We may be impacted by general global economic and market conditions.
  • Economic and trade sanctions laws in the United States and other jurisdictions may prohibit the Company and the Company’s professionals from transacting with or in certain countries and with certain individuals and companies.
  • It may be difficult to bring suit or foreclosure in non-U.S. countries.
  • MiFID II obligations could have an adverse effect on the ability of Blackstone Credit & Insurance and its MiFID-authorized EEA affiliates to obtain and research in connection with the provision of an investment service.
  • Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Terrorist attacks, acts of war or natural disasters may adversely affect our operations.
  • Force majeure events may adversely affect our operations.
  • Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.
  • We may not be able to obtain and maintain all required state licenses.
  • Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in our offering, which could harm our ability to achieve our investment objectives.
  • Our Board 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.
  • Our Board may amend our Declaration of Trust without prior shareholder approval.
  • Certain provisions of our Declaration of Trust could deter takeover attempts.
  • Because we are an acquired fund under Rule 12d1-4, regulatory limitations may restrict our ability to pursue certain investment opportunities that would otherwise be available to us.
  • Certain investors at times may have substantial investments in us.
  • B.Risks Related to Our Investments
  • Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.
  • Senior Secured Loans and Senior Secured Bonds.
  • We may be exposed to risks associated with investments in underlying investment companies or BDCs.
  • The Company’s investment strategy with respect to certain investments may be based upon the premise that loans, debt instruments or participation interests related thereto that are otherwise performing may from time to time be available for purchase by the Company at “discounted” rates or at “undervalued” prices.
  • Companies in certain markets are not generally subject to uniform accounting, auditing and financial reporting standards, practices and disclosure requirements comparable to those applicable to U.S. companies.
  • We are exposed to risks associated with changes in interest rates.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • We generally do not control our portfolio companies.
  • We are subject to risks related to sustainability matters.
  • We and our investment adviser could be the target of litigation or regulatory investigations.
  • Second priority liens on collateral securing debt investments that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us.
  • Economic recessions or downturns or restrictions on trade could impair our portfolio companies and adversely affect our operating results.
  • Our investments in CLOs may be riskier than a direct investment in the debt or other securities of the underlying companies.
  • A covenant breach or other default by our portfolio companies may adversely affect our operating results.
  • Our portfolio companies may be highly leveraged.
  • Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated.
  • We may be subject to risks associated with our investments in the software industry.
  • We may be subject to risks associated with our investments in the professional services industry.
  • Our investments in the healthcare providers and services industry face considerable uncertainties.
  • We will invest in operating entities, including insurance-related companies and their related entities.
  • Investing in large private U.S. borrowers may limit the Company’s ability to achieve high growth rates during times of economic expansion.
  • We are subject to risks associated with investing in portfolio companies that derive a significant portion of their revenue from government contracts.
  • Investing in private companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.
  • We may not realize gains from our equity investments.
  • An investment strategy focused primarily on privately-held companies presents certain challenges, including, but not limited to, the lack of available information about these companies.
  • Our investments in securities or assets of publicly-traded companies are subject to the risks inherent in investing in public securities.
  • A lack of liquidity in certain of our investments may adversely affect our business.
  • We may not have the funds or ability to make additional investments in our portfolio companies or to fund our unfunded debt commitments.
  • Our investments may include original issue discount and payment-in-kind instruments.
  • We may enter into a TRS agreement that exposes us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • We may enter into repurchase agreements or reverse repurchase agreements.
  • We may enter into securities lending agreements.
  • 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 acquire various financial instruments for purposes of “hedging” or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our shareholders.
  • Price movements of forwards, futures, derivative contracts and other financial instruments in which the Company’s assets may be invested can be highly volatile.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • Technological or other innovations and industry disruptions may negatively impact us and our portfolio companies.
  • We and our portfolio companies may experience risk related to the use of artificial intelligence.
  • We may make investments related to data centers, which exposes us to related risks.
  • We may invest through various joint ventures.

Legal proceedings

We are not currently subject to any material legal proceedings. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us.

The opening of Item 3, Legal Proceedings.12

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
    SEC EDGAROther events
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
    SEC EDGAROther events
  42. 42