Blackstone waited until the final day of the standard Form 8-K disclosure window to report that Jonathan Bock had resigned as co-chief executive of its flagship private credit vehicle, placing a second senior leadership departure into public view as the fund manages elevated withdrawal requests and declining share values.
The SEC accepted Blackstone Private Credit Fund’s filing at 4:30 p.m. ET on Friday, roughly 30 minutes after regular US equity trading ended. The filing identified Monday, July 20, as the resignation date.
That four-day interval complied with the SEC’s general rule requiring most Form 8-K reports within four business days of the triggering event. The disclosure was timely, although its after-hours Friday publication meant investors received the information without a remaining regular-session trading window.
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Bock also resigned as co-CEO of Blackstone Secured Lending Fund, according to a separate filing submitted the same day.
“His departure was not the result of any disagreement relating to Blackstone or the Fund’s operations, policies or practices,” Blackstone said in the filing.
Neither filing provided a reason for the resignation or disclosed Bock’s future plans. BCRED’s current leadership page lists Brad Marshall as chairman, chief executive officer, and portfolio manager, consolidating the chief executive role previously shared with Bock. Marshall is also listed as chairman and CEO of BXSL.
Bock’s resignation followed the June 15 departure of BCRED Chief Operating Officer Katherine Rubenstein, who left to pursue other opportunities. Blackstone disclosed her departure three days later and similarly said it was unrelated to any disagreement involving the firm or fund.
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The leadership changes coincide with a more difficult period for BCRED’s semi-liquid structure. Investors requested repurchases covering approximately 10% of outstanding shares during the second quarter, up from 7.9% in the first quarter. BCRED fulfilled requests equal to its standard 5% quarterly limit.
Capital inflows amounted to approximately 2% of net asset value, producing a net outflow of roughly 3% during the quarter, according to BCRED’s June disclosure.
Blackstone President Jonathan Gray told investors on Thursday, one day before Bock’s resignation was disclosed, that conditions had begun improving.
“It’s early in the third quarter, but the redemptions in BCRED are down materially, which is positive,” Gray said during Blackstone’s earnings call, cited by Reuters.
Gross BCRED sales fell to approximately $1 billion during the second quarter, about 70% below the corresponding period last year, according to the Financial Times.
BCRED held $77.6 billion of investments at fair value as of June 30. Blackstone’s Q2 materials listed BCRED’s total AUM at $94.6 billion, a measure that includes gross asset value and borrowing capacity. Net asset value stood at $42.8 billion.
Class I net asset value per share declined from $23.94 in May to $23.65 in June, a 1.2% decrease. Including distributions, the share class produced a negative 0.4% total return for June and a positive 0.2% return for the first half of 2026.
The weakness was concentrated at the fund level rather than across Blackstone’s consolidated results. The alternative asset manager reported Q2 distributable earnings of $1.52 per share, up 26% from a year earlier, while total assets under management reached $1.35 trillion.
Blackstone has not disclosed whether Bock’s departure will produce additional management changes.
