Private Credit Portfolio Analysis | Blackstone Private Credit Fund Reports Q1 2025 Results
- Editor
- May 12
- 2 min read
Whats New:
Blackstone Private Credit Fund reported its Q1 2025 financial results, showing growth in total assets and investments owned at fair value compared to the previous quarter. The fund's total assets increased to $73.8 billion as of March 31, 2025, up from $71.3 billion at the end of 2024. Investments owned at fair value rose to $69.2 billion from $68.4 billion in the same period.
Portfolio Dynamics:
Total assets grew to $73.8 billion as of March 31, 2025, compared to $71.3 billion at the end of 2024.
Investments owned at fair value increased to $69.2 billion from $68.4 billion at the end of 2024.
Cash and cash equivalents rose significantly to $3.3 billion from $1.7 billion at the end of 2024.
Investment Activity:
Receivable from investment sales increased to $107.8 million from $38.8 million at the end of 2024.
Derivative assets grew to $73.6 million from $16.5 million at the end of 2024.
Receivables from brokers, dealers, and clearing organizations decreased to $233.9 million from $253.9 million at the end of 2024.
Capital Structure:
Long-term and short-term debt decreased to $29.9 billion from $30.5 billion at the end of 2024.
Stockholders' equity grew to $41.8 billion from $38.9 billion at the end of 2024.
The fund issued additional common stock, with the value increasing to $16.6 million from $15.3 million at the end of 2024.
Performance Profile:
Net income for Q1 2025 was $759.3 million, compared to $919.0 million in Q1 2024.
Retained earnings deficit increased to $403.7 million from $117.9 million at the end of 2024.
Additional paid-in capital increased to $42.2 billion from $39.0 billion at the end of 2024.
Risk & Quality:
The fund reported no incentive fee payable for capital gains, unchanged from the end of 2024.
Management fee payable increased to $129.1 million from $120.1 million at the end of 2024.
Incentive fee payable for income rose to $151.8 million from $144.7 million at the end of 2024.
The Wrap:
Blackstone Private Credit Fund demonstrated growth in Q1 2025, with increases in total assets, investments at fair value, and stockholders' equity. However, the fund saw a decrease in net income compared to the same quarter last year and an increase in its retained earnings deficit. The fund's debt levels slightly decreased, while management and incentive fees payable increased, reflecting the expanded scale of operations.
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