Sami Vukelj

Blackstone’s largest non-traded business development company received repurchase requests for approximately 10% of shares outstanding in Q2, continuing the streak of elevated redemption requests in private credit vehicles this year. Blackstone Private Credit Fund (BCRED), the market’s largest BDC by AUM, will fulfill requests for 5% of shares outstanding this quarter, in line with the fund’s design, according to a June 4 investor letter.

The pace of private credit middle market defaults increased sharply in May, according to a report by Morningstar DBRS. The volume of downgrades of private credit borrowers included in the agency’s dataset has risen by 50% in the past year, and 42% of 2026 downgrades entailed borrowers flowing out of single B into the CCC and lower category, according to the May 28 report. The agency has recorded 11 middle market defaults this year through May 20, compared with 17 in all of 2025.

Pricing details have emerged on the $36 billion of investment-grade structured notes being shopped around by Apollo and Blackstone to private credit investors as part of a deal to purchase and then lease chips to AI giant Anthropic, according to market sources. The financing will include roughly $6 billion in ‘super-senior’ A1 notes, $25 billion in first-lien senior A2 notes, and $4.5 billion in second-lien B notes. Price talk on the A1 notes is T+100, sources said.