Blackstone Private Credit Fund Caps Redemptions at 5% in 2Q26

Blackstone Private Credit Fund received redemption requests for approximately 10% of shares outstanding in 2Q26, and will fulfill 5% of requests. This decision stands in contrast to Q1, when the board approved a 7% cap fulfilling all requests (supported by Blackstone and employees investing approximately $400M into an existing BCRED feeder fund). On the liquidity side, the fund is well-positioned: over $15 billion in available liquidity, $2.6 billion in Q1 loan repayments, roughly $1 billion in Q2 inflows, and 0.8x leverage. Notably, PIK income as a percentage of total investment income declined 11% sequentially in Q1 — a positive signal.