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The loss was mainly due to wider credit spreads and a markdown of Medallia.
Even so, BCRED has outperformed leveraged loans by 0.4% points in February 2026 and has outperformed leveraged loans by 360 basis points since launching in January 2021.
Its annualized return is still a solid 9.5%, with payouts at nearly 10%.

Redemption requests hit a record high this quarter: almost $3.7 billion worth of shares wanted out (about 8% of assets).
To handle it, Blackstone raised withdrawal limits and put in $400 million of its own cash, plus support from more than two dozen top executives, to make sure everyone got paid.
The fund still had $8 billion in liquidity at the end of last year.