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Blackstone Private Credit Fund

What Do They Do?

Offers investment shares to investors and invests mainly in privately negotiated loans and other credit securities issued by U.S. private companies.

How Do They Make Money?

The fund earns interest on debt investments, usually payable quarterly or twice a year, as well as fees for arranging deals or providing services to portfolio companies. It can also earn gains and dividends from equity holdings; some interest is added to loan principal and is generally due at maturity.

FY2025 revenue

Who Are Their Customers?

Investors buy common shares through a continuous public offering, with Blackstone Securities Partners acting as intermediary, and through private offerings that may include affiliates.

Do Revenues Turn Into Profits?

Yes. It kept 79 cents of every revenue dollar as net income in FY2025.

Net income, FY2025
79% of revenue
▼ −3% vs FY2024 ($3.5B, 93%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▼ −5%
vs $1B in Q2 FY2025
Net income
▼ −91%
vs $997.7M in Q2 FY2025
  • Jul 24, 2026 Co-Chief Executive Officer Jonathan Bock resigned

Growing. Revenue grew 8.4x in 4 years, from $507.4M in FY2021 to $4.3B in FY2025, about 70% a year.

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