Interestingly the statement is a bit different: "The star formation activity over the last ∼11 Gyr is responsible for producing ∼95 per cent of the total stellar mass density observed locally, with half of that being assembled in 2 Gyr between z = 1.2 and 2.2, and the other half in 8 Gyr (since z < 1.2). If the star formation rate density continues to decline with time in the same way as seen in the past ∼11 Gyr, then the stellar mass density of the Universe will reach a maximum which is only 5 per cent higher than the present-day value."
To me, this says a lot more about the expansion of the universe, in that we have an ever smaller window into the observable universe, than anything about black holes.
Is that a reasonable interpretation or am I missing something?
[0] https://academic.oup.com/mnras/article/428/2/1128/1000290