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). Only a limited number of shares are eligible for repurchase and repurchase requests are subject to early repurchase deduction, as applicable. 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 waived 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.
BMACX has adopted, pursuant to Rule 23c-3 under the Investment Company Act of 1940, a fundamental policy, which cannot be changed without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its Common Shares at NAV on a quarterly basis. Although the policy permits repurchases of between 5% and 25% of the Fund’s outstanding Common Shares, for each quarterly repurchase offer, BMACX currently expects to offer to repurchase 5% of the Fund’s outstanding Common Shares (in the aggregate across all share classes) at NAV (either by number of shares or aggregate NAV) subject to the approval of the Board of Trustees.
Select broker-dealers may have different suitability standards, may not offer all share classes, and/or may offer Blackstone Private Multi-Asset Credit and Income 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.
Total net assets of March 31, 2026 employed as the denominator for expense ratio computation is $690.9 million. Annual Expenses are composed of base management fees, incentive fees, administrative 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. As we cannot predict whether we will meet the necessary incentive fee hurdle, we have assumed no incentive fee for this chart. Actual expenses may be greater or less than shown and these figures should not be considered a representation of future expenses. Other expenses include professional fees, Board of Trustees’ fees, amortization of continuous offering costs, transfer agent fees, other expenses, and excise and other tax expense. Other expenses represent the estimated annual other expenses of the Fund and its subsidiaries based on annualized other expenses for the current fiscal year ending December 31, 2026.
Pursuant to an Expense Limitation and Reimbursement Agreement, through May 1, 2027, the Adviser will waive its compensation (and, to the extent necessary, bear other expenses or make payments to the Fund) to the extent that, for any calendar month, Specified Expenses 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) 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 average daily value 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 prior to May 1, 2027 without the written consent of the Board of Trustees. If, while the Adviser is the investment adviser of 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 the Total Expense Cap or any other relevant expense limit 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 event within the 36‑month period after the Adviser bears the expense.
Interest expense refers to interest payment on borrowed funds incurred by the Fund, which is estimated to be 1.14%. We borrow funds to make investments. The costs associated with such borrowing will be borne by shareholders. The 1.14% figure is based on an annualized estimate of interest payment on borrowed funds as of March 31, 2026.
AFFE interest expense refers to 2.30% of interest payment on borrowed funds included in Acquired Fund Fees and Expenses (AFFE), which are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, including affiliated funds. The Fund invests in investment companies or BDCs managed by the Adviser or its affiliates. The impact of AFFE is included in the total returns of the Fund. AFFE are not direct costs of the Fund. The AFFE are based on estimated amounts for the current fiscal year. The AFFE include 2.30% of interest payment on borrowed funds. To the extent the Fund invests in investment companies or BDCs managed by the Adviser or its affiliates, shareholders will not bear duplicative fees. Accordingly, the management fees borne through investments in investment companies or BDCs managed by the Adviser or its affiliates are included in fees waived and/or expenses reimbursed as shown in Total Annual Expenses (after waiver and/or reimbursement).
