** The "worst of the pressure may be behind" for Blackstone's BX.N flagship private credit fund, TD Cowen's Bill Katz says

** TD Cowen estimates ~$300 million in gross sales in May and 30 bps of positive return in April for Blackstone Private Credit Fund (BCRED) based on recent disclosure

** BCRED update is incrementally encouraging, Katz says

** The estimated flows translate into ~8% organic growth rate vs TD Cowen's 7% estimate, brokerage says

** Non-traded private credit funds like BCRED have grappled with slowing fundraising and elevated redemption requests in recent months as a barrage of negative headlines drew scrutiny to the asset class

** Katz says the dynamics at Blackstone's non-listed REIT, BREIT, underscore that issues in direct lending, an ⁠area of private credit facing the most scrutiny, are not spilling over to BX's ability to drive growth across other wealth vehicles