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Q2 2026 Quarterly Update

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September 8, 2026

We are pleased to share our second quarter update for Blackstone Private Multi-Asset Credit and Income Fund (“BMACX” or the “Fund”) following the Fund’s one-year anniversary.

BMACX’s Q2 letter includes performance and portfolio data as of June 30, 2026. Since the publishing of this letter, BMACX generated through August a 4.7% year-to-date net return for Class I shares and a 9.5% annualized net return since inception. [ 1 ]

Since launching in May 2025, BMACX has evolved from a newly introduced strategy into a scaled private multi-asset credit portfolio, delivering strong performance, attractive income, low volatility, and meaningful diversification across credit asset classes as demonstrated by our 1-year track record.
 
BMACX has delivered strong performance, generating a 3.6% year-to-date net return for Class I shares and a 9.9% annualized net return since inception, [ 2 ] while maintaining an 8.1% annualized distribution rate for the month of June (Class I). [ 3 ] Importantly, this performance has been delivered through a period of continued uncertainty, underscoring the value of the Fund’s broad and flexible mandate, which allows for dynamic allocation across Blackstone’s leading credit platform. For investors seeking attractive income, broader sources of return, and lower volatility than traditional fixed income, we believe BMACX demonstrates the strength of that approach.
 
Performance has been driven by diverse income generation across credit assets and excess spreads from the Fund’s 80%+ private credit portfolio. As of June 30, 2026, the portfolio was allocated across 42% Private Corporate Credit, 41% Asset Based and Real Estate Credit, 9% Structured Credit, and 9% Liquid Credit. [ 4 ] We believe this broad exposure is central to the Fund’s ability to generate durable income and help mitigate volatility over time relative to single-strategy mandates, as different credit asset classes are influenced by distinct economic drivers.

Fund Highlights

Fund net asset value

$809M

June NAV per share (Class I) [ 9 ]

$15.30

Total ITD Net Return (Annualized) [ 2 ][ 10 ]
Performance as of June 30, 2026

Total ITD Net Return Bar Chart: BMACX (Class I), 9.9%; Investment Grade, 4.0%; Leveraged Loans, 5.8%; High Yield, 8.2% Total ITD Net Return Bar Chart: BMACX (Class I), 9.9%; Investment Grade, 4.0%; Leveraged Loans, 5.8%; High Yield, 8.2%

Portfolio Allocations [ 4 ]
Performance as of June 30, 2026

Portfolio_Allocation Pie Chart: Private Corporate Credit, 42%; Asset Based & Real Estate Credit, 41%; Structured Credit, 9%; Liquid Credit, 9% Portfolio_Allocation Pie Chart: Private Corporate Credit, 42%; Asset Based & Real Estate Credit, 41%; Structured Credit, 9%; Liquid Credit, 9%

Over the quarter, we continued building the Fund’s allocation to infrastructure-oriented real assets within Asset Based and Real Estate Credit, which is a meaningful differentiator for BMACX and was an important contributor to its strong performance during the reporting period. Within this segment, we are also focused on financings backed by essential-use assets that support the economy with contractual cash flows, including sectors like AI and digital infrastructure, power, energy, and transportation logistics. Unlike many public asset-based finance strategies which have significant exposure to consumer finance, [ 5 ] BMACX currently has no direct consumer exposure. We believe consumer finance performance across FICO cohorts could become more dispersed, reflecting the potential for a “K-shaped” economic outcome. Instead, BMACX has concentrated its asset based portfolio in real estate lending (56%), commercial finance (29%), and physical assets and infrastructure (16%) emphasizing high quality, hard assets. [ 4 ][ 6 ]
 
Presently, we are seeing compelling deployment opportunities in AI-related capital spending tied to compute, power, and digital infrastructure, while remaining mindful of market concerns around increased AI debt supply and episodic spread widening. The scale and capital intensity of this buildout will require financing across debt and equity markets for many years, and flexible private credit solutions will play an important role in funding this generational investment boom. Blackstone was an early investor through our purchase of QTS in 2021, and we have built on this advantage by following this theme across all parts of the firm including Private Equity, Real Estate, and Infrastructure. We believe Blackstone’s scale and investing presence across these sectors allow us to source unique opportunities, apply disciplined underwriting, and position BMACX to be opportunistic during periods of market disruption and volatility.
 
We are already seeing this translate into tangible private credit investments. Blackstone led a $10 billion GPU-backed debt financing to support the cloud buildout of Firmus Technologies, [ 7 ][ 8 ] an AI infrastructure company with large investment grade counterparties, including major hyperscale and enterprise cloud customers. In addition, Blackstone led a $1 billion investment to finance and lease equipment manufactured by Integra Mission Critical, a leading data center infrastructure company. [ 8 ] Together, we believe these transactions highlight the scale of private credit activity emerging from the AI infrastructure expansion and Blackstone’s ability to source and structure complex financings across the sector. We also believe the current environment has created attractive opportunities within Private Corporate Credit following broader market volatility and spread widening as borrowers seek certainty from scaled providers. 
 
Looking ahead, our priorities for BMACX remain consistent: disciplined credit selection, downside-focused underwriting, diversified sources of income, and dynamic allocation across Blackstone’s credit platform. We believe these have been critical to the Fund’s strong performance and will remain central to how we seek to generate attractive income and positive returns over time.

Thank you for your trust and partnership. We are proud of the progress BMACX has made in its first year and remain confident in the Fund’s ability to deliver on its mandate over the long term

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Important Disclosure Information

All figures as of June 30, 2026, unless otherwise noted. Reflects Blackstone Credit and Insurance’s (“BXCI”) views and beliefs as of the date of this material only, which is subject to change.  Broad exposure does not ensure a profit nor protect against losses. See “Important Disclosure Information” and “Risk Factors” in BMACX’s prospectus. Although certain loans in which the Fund may invest will be secured by collateral, there can be no assurance that such collateral could be readily liquidated or that the liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal. This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein, and must be read in conjunction with the prospectus in order to understand fully all of the implications and risks of the offering to which this material relates. Past performance does not predict future returns, and there can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. A copy of the prospectus must be made available to you in connection with this offering, and is available at www.bmacx.com.

Important Disclosure Information
Forward Looking Statement Disclosure
Inception date for Class I shares: May 1, 2025. Inception date for Class I Advisory and Class S shares: July 1, 2025. Inception-to-date (ITD) total return as of August 31, 2026 for Class I Advisory shares: 8.8%. Inception-to-date (ITD) total return as of August 31, 2026, for Class S shares (no/with upfront placement fee): 8.0%/4.8%. Year-to-date (YTD) total return as of August 31, 2026 for Class I shares: 4.7%, for Class I Advisory shares: 4.7%, and for Class S shares (no/with upfront placement fee): 4.2%/0.6%Total net return is calculated assuming a purchase of common shares at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund’s distribution reinvestment plan. 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. Without this waiver, returns would be lower. Returns greater than one year are annualized. All returns shown are derived from unaudited financial information and are net of all BMACX expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, as applicable. Past performance does not predict future returns. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. Class S listed as (With Upfront Placement Fee or Brokerage Commissions) reflect the returns after the maximum upfront placement fees. Class S listed as (No Upfront Placement Fee or Brokerage Commissions) exclude upfront placement fees. Class I and Class I Advisory do not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in BMACX’s portfolio, which are estimates of fair value and form the basis for BMACX’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated.
Inception date for Class I shares: May 1, 2025. Inception date for Class I Advisory and Class S shares: July 1, 2025. Inception-to-date (ITD) total return as of June 30, 2026 for Class I Advisory shares: 9.2%. Inception-to-date (ITD) total return as of June 30, 2026, for Class S shares (no/with upfront placement fee): 8.4%/4.6%. Quarter-to-date (QTD) total return as of June 30, 2026 for Class I Advisory shares: 1.9% and for Class S shares (no/with upfront placement fee): 1.7%/-1.9%. Year-to-date (YTD) total return as of June 30, 2026 for Class I shares: 3.6%, for Class I Advisory shares: 3.6%, and for Class S shares (no/with upfront placement fee): 3.2%/-0.4%, compared to returns of high yield bonds, investment grade bonds, and leveraged loans of 2.0%, 0.6%, and 1.3%, respectively. See Note 2 for further information. Total net return is calculated assuming a purchase of common shares at the opening on the first day and a sale at closing on the last day of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund’s distribution reinvestment plan. 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. Without this waiver, returns would be lower. Returns greater than one year are annualized. All returns shown are derived from unaudited financial information and are net of all BMACX expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, as applicable. Past performance does not predict future returns. There can be no assurance that any Blackstone fund or investment will achieve its objectives or avoid substantial losses. Class S listed as (With Upfront Placement Fee or Brokerage Commissions) reflect the returns after the maximum upfront placement fees. Class S listed as (No Upfront Placement Fee or Brokerage Commissions) exclude upfront placement fees. Class I and Class I Advisory do not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in BMACX’s portfolio, which are estimates of fair value and form the basis for BMACX’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated.
Annualized Distribution Rate reflects an average annualized yield for June based on each day’s dividend divided by that day’s ending NAV. The Fund also distributed an annualized distribution rate of 8.1% for Class I Advisory shares and 7.4% for Class S shares for the month of June. There can be no assurance that the daily distribution will continue at the same rate or at all. Distributions are not guaranteed. Past performance does not predict future returns. Distributions may be funded through sources other than US GAAP net investment income and/or tax earnings and profits. See BMACX’s prospectus. Please visit the Shareholders page on BMACX’s website for notices regarding distributions subject to Section 19(a) of the Investment Company Act of 1940. 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. As of June 30, 2026, 100% of inception to date distributions were funded from net investment income or realized short-term capital gains, rather than a return of capital. 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 BMACX’s 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.
Figures may not sum to 100% due to rounding. Current BMACX allocations reflected herein are not intended to be indicative of future results to be achieved. BMACX and future allocations may change materially. BMACX may also invest in other types of investments to the extent that these investments are consistent with our investment objective, strategies and policies, and permissible under the 1940 Act and other applicable regulations. Diversification of an investor’s portfolio does not ensure a profit or protect against loss in a declining market.
Source: BofA Global Research, CoreLogic, Bloomberg Finance L.P., Trepp, Intex as of March 31, 2026.
There is no assurance that BMACX will continue to access these asset classes, or in any particular proportion, and available investments may change from time to time.
Inclusive of $5 billion accordion if mutually agreed upon.
The above mentioned investment represents Blackstone’s portfolio and is provided for illustrative purposes only. BMACX does not have exposure to the above mentioned investment.
The Net Asset Value “NAV” per share for each class of Common Shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made. NAV per share for Class I Advisory: $15.30 and Class S: $15.30. Accruals will occur daily, provided, however, that accruals on any non-business day will be effective as of the immediately preceding business day. See the prospectus for more information.
“Investment Grade” is represented by the total return of the Bloomberg US Aggregate Bond Index. “Leveraged Loans” is represented by the total return of the Morningstar LSTA US Leveraged Loan Index. “High Yield” is represented by the total return of the Bloomberg US Corporate High Yield Index. Please see “Index Definitions” and “Index Comparison” at the end of this communication for more information.