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BlackRock Private Credit Fund

What Do They Do?

Makes secured loans and smaller equity investments in U.S. middle-market companies.

How Do They Make Money?

The Fund earns interest on its loans, generally paid quarterly or semi-annually, as well as dividends, gains from selling investments and fees. Some upfront loan fees are earned over the loan’s life; certain other fees are earned when charged.

FY2025 revenue

Who Are Their Customers?

Class S and Class D shareholders may buy through certain financial intermediaries; feeder vehicles primarily hold Institutional Class shares.

Do Revenues Turn Into Profits?

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

Operating income, FY2025
67% of revenue
▲ +113% vs FY2024 ($30.9M, 71%)
Net income, FY2025
79% of revenue
▲ +71% vs FY2024 ($45.4M, 104%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +114%
vs $18.1M in Q2 FY2025
Net income
▲ +99%
vs $18.3M in Q2 FY2025
  • Sep 4, 2026 CEO and board chair resigned; successor appointed Philip Tseng resigned, and Jason Mehring was appointed CEO and board chair.

Growing. Revenue grew 4.3x in 2 years, from $22.8M in FY2023 to $97.7M in FY2025, about 107% a year.

Target market definition The latest report names core middle-market companies as its target using earnings and revenue measures; the older report described target companies by their overall business value.

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