Blackstone Private Credit Fund (BX) DCF Valuation
BX DCF: $580M TTM NII, $6.5B net debt, Blackstone flagship, 6% growth.
BDC valuation methodology
NII (Net Investment Income) as cash-flow proxy. Below-$15 NAV shield limits downside.
BDC — Upper Middle Market · Founded 2021 · Beta 0.85
Blackstone Private Credit Fund
Current price: $14.90 · Market cap ≈ $13.1B
BX's $580M TTM NII benefits from Blackstone's sponsor relationships and massive scale. The $6.5B net debt is large but supported by Blackstone Credit's $190B+ AUM platform. NII is the standard BDC cash-flow proxy. The below-$15 NAV shield provides downside protection — a structural feature from the 2021 IPO that's unusual among BDCs. Higher growth assumption reflects Blackstone deal flow; higher WACC reflects large-deal concentration. BCRED (non-traded) is the larger sister fund, and BX trades at premium valuation.
DCF Valuation Inputs
High-growth phase
Decay/growth normalization
Perpetual (≤ WACC)
Must be > terminal growth
in millions
Enterprise Value
$11M
Equity Value
$5M
Per Share
$0
Upside / (Downside)
-100.0%
PV of explicit FCF
$3M
Terminal value
$13M
PV of terminal
$8M
Terminal % of EV
76.2%
| Year | Growth | FCF ($M) | Discount Factor | PV ($M) |
|---|---|---|---|---|
| 0 | base | $1 | 1.000 | — |
| 1 | 6.0% | $1 | 0.922 | $1 |
| 2 | 5.0% | $1 | 0.849 | $1 |
| 3 | 5.0% | $1 | 0.783 | $1 |
| 4 | 5.0% | $1 | 0.722 | $1 |
| 5 | 5.0% | $1 | 0.665 | $0 |
| Terminal | perpetual | — | — | $8 |
Discount factor = 1 / (1 + WACC)ⁿ. Terminal value computed using the Gordon Growth Model: TV = FCF_N × (1 + g) / (WACC − g), then discounted back to present.
| g ＼ WACC | 6.5% | 7.5% | 8.5% | 9.5% | 10.5% |
|---|---|---|---|---|---|
| 1.5% | $0 | $0 | $0 | $0 | $0 |
| 2.0% | $0 | $0 | $0 | $0 | $0 |
| 2.5% | $0 | $0 | $0 | $0 | $0 |
| 3.0% | $0 | $0 | $0 | $0 | $0 |
| 3.5% | $0 | $0 | $0 | $0 | $0 |
Highlighted cell is your current WACC × terminal-growth assumption. Cells beyond WACC ≤ g are undefined (Gordon Growth fails).
BX DCF: At Default Assumptions
| Item | Value | Notes |
|---|---|---|
| Current price | $14.90 | Market |
| Intrinsic value (per share) | $0.01 | DCF model output |
| Upside / (Downside) | -100.0% | vs current price |
| Enterprise value | $$11M | PV of explicit FCF + terminal |
| Equity value | $$5M | EV − net debt |
| Key fact | Blackstone Credit — largest private-credit platform $190B+ AUM | |
Numbers reflect TTM fundamentals + default DCF assumptions (8.5% WACC, 2.5% terminal growth, 6% Year-1 growth, 5% Years 2+). Use the calculator above to run your own scenario.
BX Sources & References
- SEC EDGAR: latest 10-K filing, 10-Q filings, and proxy statement for Blackstone Private Credit Fund (BX). sec.gov
- Yahoo Finance: real-time price snapshot, analyst consensus growth estimates, and 52-week range.
- S&P Capital IQ: WACC build (cost of equity via CAPM + after-tax cost of debt).
- Federal Reserve Economic Data (FRED): risk-free rate for CAPM, sector beta benchmarks. fred.stlouisfed.org
- Damodaran Online (NYU): BDC — Upper Middle Market sector WACC and beta benchmarks for cross-validation. pages.stern.nyu.edu
Related BX valuation searches
These are common BX valuation questions answered by the DCF model above.
BX sector peers & related DCF models
24 cross-links below: same-sector tickers shown first for topical authority, then a broader sample across all 112 covered assets.
BDC — Upper Middle Market sector peers (1)
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Author
Maya Chen, CFA
Chartered Financial Analyst
Independently reviewed
Dr. Aaron Pak, PhD
Doctor of Kinesiology & Public Health
Last reviewed: August 12, 2026 · Next scheduled review: quarterly
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Cross-checked against authoritative formulas (IRS, NIST, ACSM) and updated for 2025/2026 tax years and rates.
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