Key Moments
- Shareholder repurchase requests reached approximately 5.3% of outstanding shares in the second quarter of 2026, breaching the fund’s 5% quarterly cap for the first time since June 2022.
- The fund plans to honor repurchases up to its 5% framework limit, or about $83 million of shares, based on outstanding shares as of March 31, 2026.
- Since inception in June 2022, Class I shares have delivered a 9.1% annualized total net return, outperforming public leveraged loans by 135 basis points over the same period.
Repurchase Demand Reaches Fund’s Quarterly Threshold
BlackRock Private Credit Fund (BDEBT) reported that investor requests to redeem shares during the second quarter of 2026 came to roughly 5.3% of the fund’s outstanding equity. This level of demand surpassed the vehicle’s preset quarterly repurchase cap of 5%, marking the first time the limit has been exceeded since the fund began operations in June 2022.
In line with its stated liquidity framework, the fund will complete repurchases up to the 5% ceiling. That corresponds to approximately $83 million of shares based on the fund’s outstanding share count as of March 31, 2026. The product is structured to offer investors periodic liquidity through a target of up to 5% of outstanding shares being eligible for redemption each quarter.
Performance Since Launch
From its inception in June 2022 through the most recent reporting period, the BlackRock Private Credit Fund has produced an annualized total net return of 9.1% for Class I shareholders. According to the fund, this return is 135 basis points higher than the performance of public leveraged loans over the same timeframe.
Portfolio Composition and Risk Profile
As of April 30, 2026, the fund’s assets were almost entirely allocated to first lien senior secured loans, which accounted for 99.9% of the portfolio. These loans were diversified across approximately 290 portfolio companies operating in more than 45 different industries.
On a weighted average basis, the loan-to-value ratio across the private portfolio stood at 31%, indicating the relationship between loan balances and the underlying collateral value.
| Metric | Value / Description | As of Date / Period |
|---|---|---|
| Quarterly repurchase requests | Approximately 5.3% of outstanding shares | Q2 2026 |
| Quarterly repurchase cap | 5% of outstanding shares | Ongoing framework |
| Shares to be repurchased | Approximately $83 million | Based on shares outstanding as of March 31, 2026 |
| Annualized total net return (Class I) | 9.1% | Since June 2022 inception |
| Outperformance vs. public leveraged loans | 135 basis points | Since June 2022 inception |
| First lien senior secured loans | 99.9% of portfolio | April 30, 2026 |
| Number of portfolio companies | Approximately 290 | April 30, 2026 |
| Industry diversification | More than 45 industries | April 30, 2026 |
| Weighted average loan-to-value ratio | 31% | Private portfolio, latest reported |
| Fund leverage | 0.5x | Latest reported |
| Estimated total liquidity | Approximately $1.4 billion | Latest reported |
| Unused debt capacity | Approximately $775 million | Included in liquidity |
| Liquid assets | Over $460 million | Included in liquidity |
| Cash on hand | Over $170 million | Included in liquidity |
| Revenue growth of portfolio companies | 12.2% (weighted average) | Trailing twelve months ended March 31, 2026 |
| EBITDA growth of portfolio companies | 9.0% (weighted average) | Trailing twelve months ended March 31, 2026 |
| Interest coverage | 2.4x (weighted average) | Trailing twelve months ended March 31, 2026 |
| Loans on non-accrual | 0.02% of portfolio at fair market value | March 31, 2026 |
| PIK income share of total income | 1.3% | First quarter of 2026 |
Leverage and Liquidity Position
The fund is operating with leverage of 0.5x. Its estimated liquidity stands at approximately $1.4 billion. This figure includes about $775 million of unused debt capacity, more than $460 million in liquid assets, and more than $170 million of cash on hand.
Underlying Portfolio Company Fundamentals
Across the portfolio companies backing the fund’s loans, revenue increased by 12.2% on a weighted average basis over the trailing twelve months ended March 31, 2026. Over the same period, EBITDA rose by 9.0%, while weighted average interest coverage was 2.4x.
Credit quality indicators remained subdued, with loans on non-accrual representing 0.02% of the portfolio by fair market value as of March 31, 2026. For the first quarter of 2026, payment-in-kind (PIK) income represented 1.3% of total income.
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