Offering Terms [ 1 ]
Key Terms Definitions
| Key Terms | Description |
|---|---|
| Structure | Closed-end interval fund registered under the 1940 Act, offered on NSCC, taxed as a Registered Investment Company (“RIC”) |
| Investment Adviser | Blackstone Private Credit Strategies, LLC, an affiliate of Blackstone |
| Primary Focus | Focused on private investments across a wide range of credit and income-oriented strategies in private corporate credit, asset based and real estate credit, structured credit and liquid credit |
| Geographic Focus | US and, to a lesser extent, Europe and other non-US locations |
| Management Fee | 0.75% per annum on average daily value of the Fund’s NAV [ 4 ] |
| Incentive Fee | 12.5% of net investment income (subject to 5% hurdle rate and catch-up) paid quarterly |
| Distributions [ 2 ] | Monthly distributions with daily accrual and record dates |
| Liquidity [ 3 ] |
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| Tax Reporting | Form 1099-DIV |
| Investor Eligibility [ 5 ] | None |
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Share Class-Specific Fees
| Share Class | Class I | Class I Advisory | Class D | Class S |
|---|---|---|---|---|
| Ticker | BMACX | BMAIX | BMADX | BMASX |
| Availability | Through fee-based (wrap) programs, registered investment advisers and other institutional and fiduciary accounts | Through fee-based (wrap) programs, registered investment advisers and other institutional and fiduciary accounts | Through transactional / brokerage accounts | Through transactional / brokerage accounts |
| Initial Investment [ 6 ] | $1,000,000 | $1,000,000 | $2,500 | $2,500 |
| Upfront Placement Fee [ 7 ] | None | None | Up to 1.5% | Up to 3.5% |
| Distribution / Servicing Fee (per annum, payable monthly) | None | None | 0.25% | 0.75% |
| Total Annual Expenses [ 8 ] | 6.3% | 6.3% | 6.5% | 7.0% |
| Total Annual Expenses (after waiver and/or reimbursement) [ 9 ] | 5.1% | 5.1% | 5.3% | 5.8% |
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Explore More About BMACX
Important Disclosure Information
Summary of Risk Factors
Blackstone Private Multi-Asset Credit and Income Fund (“BMACX” or the “Fund”) is a non-diversified, closed-end management company that is registered under the Investment Company Act of 1940, as amended, and operates as an interval fund. The Fund expects to be invested in across private corporate credit, asset based and real estate credit, structured credit, and liquid credit. This investment involves a high degree of risk. You should purchase shares of our common stock (“Common Shares”) only if you can afford a complete loss of your investment. You should read the prospectus carefully for a description of the risks associated with an investment in the Fund. Some of the more significant risks relating to an investment in our Common Shares include the following:
- There is no assurance that we will achieve our investment objectives.
- You should not expect to be able to sell all or most of your Common Shares regardless of how we perform.
- You should consider that you may not have access to the money you invest for an extended period of time.
- We do not intend to list our Common Shares on any securities exchange, and we do not expect a secondary market in our Common Shares to develop prior to any listing.
- Because you may be unable to sell your Common Shares, you may be unable to reduce your exposure in any market downturn.
- We have elected to operate as an “interval fund” and will make quarterly repurchase offers, but only a limited number of Common Shares will be eligible for repurchase and the need to fund repurchase obligations may affect our ability to be fully invested or force us to maintain a higher percentage of assets in liquid investments, which may harm our investment performance.
- An investment in the Fund is suitable only for investors who can bear the risks associated with limited liquidity. See “Share Repurchase Program” in the prospectus.
- You will bear substantial fees and expenses in connection with your investment. See “Fees and Expenses” in the prospectus.
- We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than net investment income, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from net investment income, we have not established limits on the amounts we may pay from such sources. A return of capital is not paid from tax earnings or profits and will have the effect of reducing the tax basis of a shareholder’s Common Shares, such that when a shareholder sells its Common Shares the sale may be subject to tax, even if the Common Shares are sold for less than the original purchase price.
- Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by our adviser, Blackstone Private Credit Strategies LLC (the “Adviser”) or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
- The Fund intends to utilize leverage and may utilize leverage to the maximum extent permitted by law for investment and other general corporate purposes, which will magnify the potential for loss on amounts invested in the Fund. See “Leverage,” “Risks—Leverage Risk” and “Description of Shares—Preferred Shares” in the prospectus.
- We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.
This website must be read in conjunction with the BMACX prospectus in order to fully understand all the implications and risks of an investment in BMACX. This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus, which must be made available to you prior to making a purchase of shares in connection with this offering and is available at https://www.bmacx.com/prospectus. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contains a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition.
Numerical data is approximate and as of March 31, 2025, unless otherwise noted. The words “we”, “us”, and “our” refer to BMACX, unless the context requires otherwise.
Forward Looking Statements
Certain information contained in this communication constitutes “forward -looking statements,” which can be identified by the use of forward-looking terminology or the negatives thereof. These may include financial predictions estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward‐looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. Blackstone believes these factors include but are not limited to those described under the section entitled “Risk Factors” in its Annual Report on Form 10‐K for the most recent fiscal year ended December 31 of that year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Materials and in the filings. Blackstone undertakes no obligation to publicly update or review any forward‐looking statement, whether as a result of new information, future developments or otherwise.
Blackstone Securities Partners L.P. (“BSP”) is a broker-dealer whose purpose is to distribute Blackstone managed or affiliated products. BSP provides services to its Blackstone affiliates, not to investors in its funds, strategies or other products. BSP does not make any recommendation regarding, and will not monitor, any investment. As such, when BSP presents an investment strategy or product to an investor, BSP does not collect the information necessary to determine—and BSP does not engage in a determination regarding—whether an investment in the strategy or product is in the best interests of, or is suitable for, the investor. You should exercise your own judgment and/or consult with a professional advisor to determine whether it is advisable for you to invest in any Blackstone strategy or product. Please note that BSP may not provide the kinds of financial services that you might expect from another financial intermediary, such as overseeing any brokerage or similar account. For financial advice relating to an investment in any Blackstone strategy or product, contact your own professional advisor.
Terms summarized herein are for informational purposes and qualified in their entirety by the more detailed information set forth in BMACX’s prospectus. You should read the prospectus carefully prior to making an investment.
There is no assurance the Fund will pay distributions in any particular amount, if at all. Any distributions the Fund makes will be at the discretion of our board of trustees. The Fund has funded and the Fund may in the future fund any distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and the Fund has no limits on the amounts the Fund may pay from such sources.
Repurchases are in the aggregate across all share classes, at NAV (either by number of shares or aggregate NAV). Repurchase requests are subject to quarterly caps and early repurchase deduction. BMACX will conduct quarterly repurchase offers of its outstanding Common Shares at NAV, with the size of the repurchase offer subject to approval of the board. Repurchases may be funded from available cash, borrowings, subscription proceeds or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of BMACX to be fully invested or force BMACX to maintain a higher percentage of its assets in liquid investments, which may harm BMACX’s investment performance. See “Share Repurchase Program” in the prospectus.
The Adviser has 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.
Select broker-dealers may have different suitability standards, may not offer all share classes, and/or may offer Blackstone Private Multi-Asset Credit Fund at a higher minimum initial investment than $2,500.
The intermediary manager may elect to accept smaller investments in its discretion.
No upfront sales load will be paid with respect to Class S shares, Class D shares, Class I shares or Class I Advisory shares; however, if you buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Selling agents will not charge such fees on Class I shares or Class I Advisory shares. Please consult your selling agent for additional information.
Weighted average net assets employed as the denominator for expense ratio computation is $1.5 billion. Actual net assets will depend on the number of shares we actually sell, realized gains/losses, unrealized appreciation/depreciation and share repurchase activity, if any. “Annual Expenses” are composed of base management fees, incentive fees, administration fees, shareholder servicing and/or distribution fees, interest payments on borrowed funds (“interest expense”), acquired fund fees and expenses, and other expenses, as set forth in more detail in BMACX’s prospectus. Actual expenses may be greater or less than shown and these figures should not be considered a representation of future expenses. Other expenses include accounting, legal and auditing fees, reimbursement of expenses to our Administrator, organization and offering expenses and fees payable to our Trustees. The amount presented in the table includes an estimate of the amounts we expect to pay during the initial 12-month period of the offering following the initial closing of the offering.
The Adviser will waive its compensation (and, to the extent necessary, bear other expenses of or make payments to the Fund) to the extent that, for any calendar month, Specified Expenses would exceed the Total Expense Cap. “Specified Expenses” of the Fund means all expenses incurred in the business of the Fund, including organizational and certain offering expenses, with the exception of: (i) investment advisory fees (including management and incentive fees), (ii) the shareholder servicing and/or distribution fees, (iii) brokerage costs, (iv) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (v) taxes, (vi) extraordinary expenses (as determined in the sole discretion of the Adviser), and (vii) acquired fund fees and expenses. “Total Expense Cap” means the annual rate of 0.50% of the Fund’s net assets (annualized). The Adviser may discontinue its obligation to waive its compensation or to bear other expenses at any time (i) prior to the one (1) year anniversary of the date the Fund completes its first sale of shares in its public offering, with the written consent of the Board of Trustees and (ii) on or after the one (1) year anniversary of the date the Fund completes its first sale of shares in its public offering, upon written notice to the Fund. If, while the Adviser is the investment adviser to the Fund, the estimated annualized Specified Expenses for a given month are less than the Total Expense Cap, the Adviser shall be entitled to reimbursement by the Fund of the compensation waived and other expenses borne by the Adviser on behalf of the Fund pursuant to the Fund’s Expense Limitation and Reimbursement Agreement (the “Reimbursement Amount”) during any of the previous thirty-six (36) months, but only to the extent that the Fund’s estimated annualized Specified Expenses are less than, for such month, the lesser of the Total Expense Cap or any other relevant expense limit then in effect with respect to the Fund, and provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Adviser may recapture a Specified Expense in any year within the thirty-six (36) month period after the Adviser bears the expense.