At a glance
- Demand came in at about $4.3 billion, roughly 10% of shares outstanding and the third straight quarter above the fund's standard 5% limit.
- For advisors with clients weighing an exit, the fourth-quarter offer requires a decision before the fill or the price is known.
- The accepted shares equal 5% of shares outstanding at June 30.
Blackstone Private Credit Fund accepted 90.4 million shares, 49.9% of the 181.3 million tendered in its third-quarter repurchase offer, and paid about $2.13 billion, AltsWire reported Nov. 2.
Demand came in at about $4.3 billion, roughly 10% of shares outstanding and the third straight quarter above the fund's standard 5% limit.
For advisors with clients weighing an exit, the fourth-quarter offer requires a decision before the fill or the price is known. It covers up to 87.5 million shares, 5% of the 1.75 billion outstanding at Sept. 30. Accepted shares are repurchased at the Dec. 31 NAV. A repeat of the past three quarters' demand near 10% of shares would again fill about half, leaving most of a large request unfilled for another quarter.
The accepted shares equal 5% of shares outstanding at June 30. They were bought at the Sept. 30 net asset value of $23.51 per share, with payment around Oct. 28.
The third-quarter fill rate of 49.9% compares with about 48.5% in the second quarter. Shareholders tendered 191.8 million shares then, and BCRED accepted 93.1 million, paying about $2.2 billion at the June 30 NAV of $23.65. Shares tendered fell about 5.5% between the two quarters.
BCRED's second-quarter fill ran ahead of the sector's. Nontraded BDCs met 38% of second-quarter repurchase requests, which reached a record 12.4% of NAV, according to Robert A. Stanger & Co.
On Blackstone's Oct. 22 earnings call, president and chief operating officer Jon Gray said the third-quarter requests were largely carryover from the second. Investors who sought redemptions in both prorated quarters got 75% of their capital back in about 90 days, he said. The two fill rates compound to about 74% for such an investor, consistent with his figure. He called the outcome "another illustration of the semi-liquid structure working as designed."
BCRED recorded $1.4 billion in net outflows in the third quarter, up from $1.2 billion in the second. The fourth-quarter offer expires Dec. 1.
Investors tendered twice the shares BCRED would buy
Shares tendered vs. accepted in each quarterly repurchase offer, millions of shares
- Tendered
- Accepted
Select a row for its counts and shares.
Q2 2026
- Tendered191.8 M shares51.4% of all tendered
- Accepted93.1 M shares50.7% of all accepted
Q3 2026
- Tendered181.3 M shares48.6% of all tendered
- Accepted90.4 M shares49.3% of all accepted
Show as table
| Group | Tendered | Tendered share | Accepted | Accepted share |
|---|---|---|---|---|
| Q2 2026 | 191.8 M shares | 51.4% | 93.1 M shares | 50.7% |
| Q3 2026 | 181.3 M shares | 48.6% | 90.4 M shares | 49.3% |
Reported by the Liquidity desk from AltsWire. Published . Corrections