Blackstone (BX) Company Report

President Trump announced immediate steps to ban large institutional investors from buying single-family homes and will ask Congress to codify the measure
Institutional investors own only 0.5% of single-family homes through Blackstone and 2–3% for investors with 1,000+ properties, suggesting limited market impact
Blackstone owns nearly 231,000 apartment units, with over half acquired since 2021, underscoring its significant residential rental portfolio
Blackstone shares fell about 5% in afternoon trading following the announcement

6 days ago

Bloomberg

Blackstone acquires remaining stake in AIR Control Concepts

M&A

New Projects/Investments

Blackstone funds closed the acquisition of Madison Dearborn’s remaining equity stake in AIR Control Concepts, making Blackstone the sole institutional investor in the commercial HVAC platform.
Founder Brad Hobbs and his family reinvest alongside Blackstone, strengthening the partnership for AIR’s next growth phase, including expansion into data centers and strategic adjacencies.
AIR operates across 35 states and Canada through over 38 operating companies with more than 1,900 associates, leveraging a shared-services model for OEM partners.
Terms of the transaction were not disclosed; Centerview Partners and RBC Capital Markets served as financial advisors to Blackstone.

6 days ago

Press Release

Blackstone acquires Alliance Technical Group to boost energy transition

M&A

New Projects/Investments

Blackstone’s Energy Transition Partners acquired Alliance Technical Group, a North American environmental testing, monitoring and compliance provider with 2,200 employees and 60+ offices and labs, for undisclosed terms.
The deal is designed to bolster Blackstone’s energy transition strategy by expanding services that help energy and industrial facilities meet evolving environmental regulations and rising electricity demand.
Blackstone oversees $1.242 trillion in assets under management (including $906.2 billion in fee-earning assets); its trailing revenue is $11,376.2 million, net margin 23.8%, debt-to-equity ratio 1.54, and market capitalization $125.56 billion.
Market reaction was muted, with a roughly 0.3% intraday stock decline (GuruFocus) versus a 0.25% pre-market gain (Nasdaq).

7 days ago

Morningstar

Blackstone acquires Alliance Technical Group

M&A

Blackstone Energy Transition Partners and other Blackstone funds acquired Alliance Technical Group, a leading provider of environmental testing, monitoring, and compliance services.
Alliance Technical Group, founded in 2000 and headquartered in Alabama, employs over 2,200 staff across 60+ offices and labs in North America.
The deal bolsters Blackstone’s focus on energy transition themes, including electricity demand growth and emissions compliance solutions.
Terms of the transaction were not disclosed; advisors included Harris Williams, RBC, Piper Sandler, Kirkland & Ellis, and Jones Day.

7 days ago

Press Release

Athira Pharma acquires lasofoxifene Phase 3 rights and raises up to $236 M

M&A

New Projects/Investments

Athira Pharma entered an exclusive global license agreement with Sermonix Pharmaceuticals to develop and commercialize lasofoxifene for ESR1-mutated metastatic breast cancer in a Phase 3 trial (ELAINE-3 >50% enrolled; topline data expected mid-2027)
The company secured $90 million in upfront private placement financing and warrants for up to $146 million co-led by Commodore Capital, Perceptive Advisors and TCGX, providing runway into 2028
As part of the Sermonix deal, Athira will issue a pre-funded warrant for ~5.5 million shares at $0.001 exercise price and may pay up to $100 million in milestones plus tiered royalties on net sales
Prior Phase 2 data show lasofoxifene improved median progression-free survival (5.6 vs. 3.7 months) and objective response rate (13.3% vs. 2.9%) in ELAINE-1, and a 13-month median PFS with 56% ORR in ELAINE-2 ** **

Dec 18, 2025, 12:02 PM

Press Release

Blackstone announces partnership with Phoenix Financial

New Projects/Investments

Blackstone (NYSE: BX) and Phoenix Financial (TASE: PHOE) form a strategic partnership to co-invest across corporate, real estate and asset-based credit strategies.
Under the agreement, Phoenix will commit up to $5 billion to these credit strategies, leveraging Blackstone’s global origination capabilities and co-investment opportunities.
Blackstone manages over $1.2 trillion in assets, including $508 billion in credit, while Phoenix is the largest asset manager in Israel with over $180 billion in AUM.

Dec 17, 2025, 12:30 PM

Press Release

Blackstone outlines 2026 macro outlook and investment priorities

New Projects/Investments

Blackstone sees U.S. economic resilience despite high rates, with private equity portfolio revenue up 9% in Q3 and EBITDA growth, expecting Fed rate cuts as inflation and hiring pressures ease.
Infrastructure around AI and power is a top theme, with major investments in long-term leased data centers and energy transition assets across both equity and debt strategies.
Private credit now manages $500 bn of non-balance-sheet assets, delivering a 170 bps yield premium for insurance clients and maintaining low average loan-to-value at origination.
Wealth management AUM reached $290 bn, with product innovation including multi-asset credit and partnerships (e.g., Vanguard), targeting individual investors’ 1% private asset allocation versus 33% for institutions.
Real estate has underperformed over 3½ years, but supply constraints, 40% lower borrowing costs and rising deal activity underpin a recovery, highlighted by the $2.3 bn Alexander & Baldwin REIT privatization.

Dec 10, 2025, 5:20 PM

Transcript

Blackstone outlines 2026 outlook at Goldman Sachs US Financial Services Conference

Guidance Update

New Projects/Investments

Resilient US economy with Q3 private equity portfolio revenue growth of 9%, low default rates and profit-margin expansion, driven by an AI-CapEx cycle and easing inflation and labor tightness suggesting potential Fed cuts.
AI infrastructure remains the top investment theme—data centers with long-term leases and power generation/transmission—alongside secondaries, private-credit corporate solutions; avoiding high-risk emerging markets and AI-vulnerable legacy businesses.
Private credit platform of $500 billion AUM delivering 170 bps investment-grade and 300 bps high-yield premiums year-to-date, with average loan-to-value of 40% and portfolio EBITDA growth of 9%, evidencing a durable structural shift.
Wealth management AUM at $290 billion (~50% market share) with Q3 inflows doubling YoY; rolling out simplified multi-asset credit solutions and partnerships (e.g., Vanguard/Wellington) to expand retail access.
Exit and fundraising outlook: IPO pipeline highest since 2021 and M&A activity ~2× quarter-to-date, underpinning expectations for robust 2026 fundraising and realizations as capital costs decline.

Dec 10, 2025, 5:20 PM

Transcript

Blackstone outlines macro outlook and investment strategy at Goldman Sachs Conference

Blackstone sees a resilient US economy with 9% revenue growth at its private equity portfolio in Q3 and anticipates Fed rate cuts as inflation pressures ease.
The firm is deploying capital into AI-related infrastructure—long-lease data centers, power and energy transition assets—across equity, debt and real estate strategies.
Its private credit business has grown to $500 billion AUM, delivering a 170 bp yield premium over investment-grade peers and 300 bp over non-investment-grade, with average LTVs at 40% and 9% EBITDA growth.
Wealth management AUM reached $290 billion, driven by new semi-liquid products and multi-asset credit solutions, with Q3 net inflows doubling year-over-year.
Real estate values have retraced, borrowing costs are down 40%, and Blackstone is pursuing opportunistic deals such as the $2.3 billion Alexander & Baldwin privatization to position for a market recovery.

Dec 10, 2025, 5:20 PM

Transcript

Blackstone assisted-living asset sale financed by $10.5M New Wave loan

Debt Issuance

New Projects/Investments

M&A

New Wave Loans provided a $10.5 million acquisition loan (including CAPEX reserves) to finance BH GSC Boca LLC’s purchase of The Atrium Boca from Blackstone.
The Atrium Boca, located at 1080 NW 15th St, Boca Raton, Florida, was acquired for $12.25 million, a significant discount to Blackstone’s 2017 purchase price of $21.8 million.
BH GSC Boca LLC, a partnership of BH Group and an experienced assisted-living operator, plans to reposition and stabilize the community through targeted operational improvements and enhanced resident care services.