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Asset manager Blackstone (BX.N) cut the value of its private ​credit fund Blackstone Secured Lending Fund (BXSL.N) ‌in the first quarter, it said Thursday.

Blackstone Secured Lending Fund's net asset value (NAV) per ​share dropped 2.4% to $26.26 in the ​first quarter at fair value, according ⁠to its earnings disclosure.

Investors have taken ​a closer look at the portfolios ​of private credit funds known as business development companies, as advances in artificial intelligence threaten ​the business models of companies in ​the software sector.

Blackstone Secured Lending Fund had the ‌majority ⁠of its investments in software, about 20% of its portfolio in software names at fair value, at the end ​of March, ​according to ⁠its quarterly report.

The fund also declared a 77 cent dividend. ​It declared a dividend of ​80 ⁠cents in the fourth quarter.

It saw $450 million in repayments within its portfolio in ⁠the ​first quarter, while new ​investments totaled almost $325 million, it said.


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