Blackstone down 8% at $106.25 amid BCRED redemptions

Shares of Blackstone (BX) are down 8% in early trading after yesterday’s filing disclosing that the company elected to upsize the repurchase offer to 7% of shares, the maximum amount permitted without changing the terms of the repurchase offer. The company had stated: “Total repurchase requests for the quarter exceeded the 5% of shares typically available for repurchase. The Board elected to upsize the offer to 7% of shares, the maximum amount permitted without changing the terms of the repurchase offer. In addition to the nearly $2 billion of new subscriptions, Blackstone employees invested approximately $150 million and the firm invested approximately $250 million into an existing BCRED feeder fund, on the same terms as all other investors, representing approximately 0.9% of BCRED’s shares outstanding. These investments offset the repurchase amount requested from the feeder fund. This enabled BCRED to meet 100% of requests for the quarter with certainty and timeliness while further aligning Blackstone and its employees alongside BCRED’s shareholders. This approach was driven by the tender offer structure, not by any constraints on BCRED’s liquidity. Our conviction in BCRED is grounded in its strong portfolio and track record: 9.8% annualized total return since inception in 2021 and 8% total return in 2025,2 representing 360 basis points of outperformance versus leveraged loans since inception.”