Blackstone Private Multi-Asset Credit & Income Fund
Sponsored by Blackstone. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- Net assets
- $690.9M
source
Monthly portfolio report (Form N-PORT) · filed 2026-05-28 · period 2026-03-31
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $15.30
source
Repurchase offer notice (Form N-23c-3) · filed 2026-05-01 · period 2026-04-24
N-23C3A outstanding-class NAV table — filed class Class I; cache sha256 4b27981cd09bceebb1a43ed922afb5af191e5a954c93c9a3d55d1790b26f5d43; ledger sha256 27b326bf3225e8f1dabc2ebb63398ccf74a68cd4b0e23ef188b59daea3eb526b
“As of April 24, 2026, the NAV per share of each outstanding class of shares of the Fund was: Class S: $15.30 Class D: N/A Class I: $15.30 Class I Advisory: $15.30 ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Class I · as of 2026-04-24 - Net flows, last qtr
- +21.5% qtr ended 2026-03-31
- Distribution coverage (NII)
- Pending Pending
- Leverage in use
- 31% debt / equity 0.11x
- Total return, 12m
- Pending SEC-filed periodic NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Credit facility new or amended: 2 occurrence(s), 2025-08-19 to 2026-02-20
Most recent (2026-02-20): Revolving Credit Facility amended (Amendment No. 2 to Senior Secured Credit Agreement), increasing aggregate principal revolving commitments from $250 million to $325 million, effective February 20, 2026.
Why it matters and what changed
Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite.
2 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.
Source: https://www.sec.gov/Archives/edgar/data/2032432/000139834426004409/fp0097789-1_ncsrixbrl.htm | N-CSR narrative
Management Fee Waiver Agreement (in place since the Fund's public offering launch) terminated November 1, 2025; the management fee is now payable at the annual rate of 0.75% of... (2025-11-01)
Management Fee Waiver Agreement (in place since the Fund's public offering launch) terminated November 1, 2025; the management fee is now payable at the annual rate of 0.75% of the Fund's net assets.
Why it matters and what changed
A fee waiver ended. Net expenses rise immediately and net returns fall by roughly the waived amount; because no dramatic filing accompanies a quiet lapse, this is exactly the kind of change a wholesaler will not volunteer.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/2032432/000139834426004409/fp0097789-1_ncsrixbrl.htm | N-CSR narrative
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Monthly performance eligibility
Canonical class: Class I · basis: no qualifying monthly chain · qualifying history: 0 months.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Pending
Where exit demand met the cap.
The disclosed history shows no rationed period.
Pending
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Pending
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | Pending | Pending | Pending | Pending | Pending |
Management fee: 0.75% of daily net assets per year, current as of 2025-11-01. Research only: not used in a fee distribution. SEC source 0001398344-26-004409.
Filed fee conditions
The management fee is accrued daily and payable monthly in arrears at an annual rate of 0.75% of the value of the Fund's net assets as of the beginning of each business day. The Adviser contractually agreed to waive the management fee in full for the six-month period beginning from the date the Fund completed its first sale of shares in its public offering (May 1, 2025); that Management Fee Waiver Agreement terminated on November 1, 2025, after which the management fee payable by the Fund is at the full annual rate of 0.75%.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 0.75% | Pending | Pending | Pending | 6.40%*Filed label: Total expenses before reimbursement from Adviser and fees waived and reimbursed; period 2025-12-31. gross ratios are display-only SEC source 0001398344-26-004409 |
1.60%*Filed label: Total expenses after reimbursement from Adviser and fees waived and reimbursed; period 2025-12-31. After waiver: yes; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: excluded. explicit carve-outs: includes_acquired_fund_expenses SEC source 0001398344-26-004409 |
Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | The management fee is accrued daily and payable monthly in arrears at an annual rate of 0.75% of the value of the Fund's net assets as of the beginning of each business day. The Adviser contractually agreed to waive the management fee in full for the six-month period beginning from the date the Fund completed its first sale of shares in its public offering (May 1, 2025); that Management Fee Waiver Agreement terminated on November 1, 2025, after which the management fee payable by the Fund is at the full annual rate of 0.75%. | 0.75 pct_annual_of_daily_net_assets | 2025-11-01 |
| incentive_fee_schedule | Pursuant to the Investment Advisory Agreement, the Fund pays the Adviser a fee for investment advisory and management services consisting of two components: a management fee and an incentive fee. To the extent the Fund invests in investment companies or business development companies (“BDCs”) managed by the Adviser or its affiliates (each, an “Acquired Fund” and collectively, the “Acquired Funds”), shareholders will not bear duplicative fees. Management Fees The management fee is accrued daily and payable monthly in arrears at an annual rate of 0.75% of the value of the Fund’s net assets as of the beginning of each business day. The Adviser contractually agreed to waive the management fee in full for the six-month period beginning from the date the Fund completes its first sale of shares in its public offering (“Management Fee Waiver Agreement”). The Fund completed its first sale of shares in its public offering on May 1, 2025. The Management Fee Waiver Agreement terminated on November 1, 2025, after which the management fee payable by the Fund is at the annual rate of 0.75% of the Fund’s net assets. The waiver of the management fee under the Management Fee Waiver Agreement is not subject to recoupment by the Adviser under the Expense Limitation and Reimbursement Agreement, as discussed below. For the avoidance of doubt, the Adviser did not waive the incentive fee payable under the Investment Advisory Agreement pursuant to the Management Fee Waiver Agreement. For the period ended December 31, 2025, management fees of $1,584 are recorded in the Fund’s Consolidated Statement of Operations. Additionally, management fees waived of $961 and a reimbursement of Acquired Funds’ fees totaling $1,102 are included in the fees waived and reimbursed of $2,063 recorded in the Fund’s Consolidated Statement of Operations. As of December 31, 2025, $623 of management fees payable are recorded in management fees payable and $1,102 of fees waived and reimbursed are recorded in receivable from Adviser in the Fund’s Consolidated Statement of Assets and Liabilities. Incentive Fees The incentive fee is based on the Fund’s Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s operating expenses accrued for the quarter (including the management fee, fees and expenses payable under the Administration Agreement (defined below), and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Shareholders may be charged a fee on an income amount that is higher than the income shareholders may ultimately receive. Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any income from investments in the common equity of an Acquired Fund to the extent the Acquired Fund is charging an incentive fee on income during the applicable quarter, and the Fund’s net assets attributable to investments in such Acquired Fund that are charging an incentive fee on income during the applicable quarter are excluded from the Fund’s net assets for purposes of calculating the Fund’s incentive fee. Pre-Incentive Fee Net Investment Income Returns do include income received by the Fund or, without duplication, the ratable portion of net income attributable to the Fund from (i) investments in the common equity of Acquired Fund that during the applicable quarter did not charge an incentive fee on income and (ii) equity investments in portfolio companies controlled by the Fund. The Fund also excludes the impact of expense support payments and recoupments from Pre-Incentive Fee Net Investment Income Returns. 36 www.bmacx.com Blackstone Private Multi-Asset Notes to Consolidated Credit and Income Fund Financial Statements (in thousands, except share amounts, per share data, percentages and as otherwise noted) December 31, 2025 Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). The Fund pays the Adviser an income based incentive fee quarterly in arrears with respect to the Fund’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: ● No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized); ● 100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% per quarter (5.72% annualized). The Fund refers to this portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up.” This “catch-up” is meant to provide the Adviser with approximately 12.5% of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; | Text disclosure | Pending |
| leverage_ceiling | Pending | 300.0 pct_asset_coverage | Pending |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-05-28 | NPORT-P | 0002071691-26-012559 |
| 2026-05-01 | N-23C3A | 0001140361-26-018418 |
| 2026-03-04 | N-CSR | 0001398344-26-004409 |
| 2026-02-26 | NPORT-P | 0002071691-26-005032 |
| 2026-02-02 | N-23C3A | 0001140361-26-003089 |
| 2025-11-25 | NPORT-P | 0002071691-25-007320 |
| 2025-09-03 | N-CSRS | 0001398344-25-017479 |
| 2025-08-27 | NPORT-P | 0001752724-25-209781 |