Blackstone's BCRED reports share repurchase requests of 10% in Q3

Blackstone's largest non-traded business development company received requests to repurchase $4.3 billion in shares in Q3, or roughly 10% of shares outstanding, and restricted withdrawals to its 5% cap. This marks the third consecutive quarter of elevated redemption requests at BCRED. In Q2, investors similarly attempted to repurchase 10% of outstanding shares; in Q1, repurchase request volume was 7%. After accounting for $750 million in new subscriptions, the fund recorded net outflows of roughly 3% of NAV in Q3. "We believe today's investment environment with wider spreads and conservative loan-to-values is especially compelling," Blackstone wrote in a Sept. 3 investor letter outlining its Q3 repurchase plan. "We continue to see opportunities across thematic areas including AI and digital infrastructure, infrastructure services, aerospace and defense, and life sciences[.]" Sign up for The Credit Pitch Weekly coverage of US and European loans, bonds, private credit, and more.This article originally appeared on PitchBook News