November 3, 2026
Blackstone Private Credit Fund Fills Half of Tender Requests, Repurchasing $2.13 Billion
Blackstone Private Credit Fund has reported its latest quarterly tender results and opened another offer. The filings offer a fresh look at investor requests and scheduled liquidity.

Blackstone Private Credit Fund accepted approximately $2.13 billion of shares for repurchase in its latest quarterly tender offer, fulfilling about half of the shares investors submitted. A final tender amendment filed November 2, 2026, reported 181,287,647 shares validly tendered and 90,421,325 shares accepted on a pro rata basis.

The accepted shares represented 5% of the fund’s shares outstanding as of June 30, 2026. Dividing accepted shares by tendered shares produces an aggregate fulfillment rate of approximately 49.88%, leaving approximately 50.12% of submitted shares unfulfilled. This measures the portion of tender requests accepted, not the percentage of all fund shareholders seeking to exit.

The offer expired August 31, and accepted shares were valued at the September 30 net asset value of $23.51 per share. The accepted shares had an aggregate NAV of $2,125,805,358. The fund initially issued non-interest-bearing, nontransferable promissory notes and paid approximately $2,125,655,078 under those notes on or about October 28, after applicable early-repurchase deductions.

Blackstone also opened a new tender offer on November 2 for up to 87,457,414 shares, approximately 5% of the 1.75 billion shares outstanding at September 30. The new offer is scheduled to expire at 11:59 p.m. Eastern on December 1, with accepted shares priced at their December 31 NAV, unless the offer is extended.

The latest result documents substantial repurchase activity alongside demand that exceeded the offer’s capacity. It does not establish how much investors will submit in the next offer or what percentage of those requests the fund will accept.

Why We’re Watching

A scheduled tender window does not guarantee that every submitted share will be repurchased. The fulfillment rate, valuation date, and payment timing provide distinct measures for advisors evaluating the practical liquidity of nontraded BDCs.

Sources

Calculation note: The aggregate fulfillment rate equals 90,421,325 accepted shares divided by 181,287,647 tendered shares. Percentages are rounded.

Recent

A Call for Choice in Real Estate Exchange Strategies

A Call for Choice in Real Estate Exchange Strategies

Matthew Fries, CEO & President of Inland Real Estate Investment Corporation, explains why traditional 1031 DSTs and strategies with a potential future 721 exchange should be evaluated against each investor’s objectives.

Most Popular

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 10-3-2023 Blue Vault wishes to acknowledge and apologize for the delay in publishing some Q2 2023 NTR Individual Performance Pages (IPPs) as well as the full review. We recently added additional reporting metrics to our IPPs, and that, combined with coverage of all share classes and some additional…
Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 9-25-2023 Blue Vault has published the Q2 2023 Nontraded BDC Industry Review as well as Individual Performance Report and Limited Operations pages for the following offerings (newly published pages in bold font): Nontraded REITS American Healthcare REIT Q2 2023 Apollo Realty Income Solutions Q2 2023 (limited operations) Ares…

Explore

Blue Vault Logo
Don’t miss alts news
and educational events

Sign Up For Emails