Blackstone (BX) Company Report

Sacituzumab tirumotecan plus Keytruda showed a statistically significant improvement in progression-free survival versus Keytruda alone in first-line PD-L1-positive advanced NSCLC in the Phase III OptiTROP-Lung05 trial in China.
Kelun intends to seek regulatory approval in China based on these Phase III results, potentially reshaping the standard first-line NSCLC treatment paradigm.
Merck holds ex-China commercialization rights and secured $700 million from Blackstone Life Sciences for low-to-mid single-digit royalties on sac-TMT net sales outside Greater China.
Sac-TMT has received clearance in China for second-line EGFR-mutant NSCLC—its third indication after demonstrating strong PFS and OS versus chemotherapy.

5 days ago

Morningstar

Blackstone-backed plant anchors West Virginia's $4.2B energy investments

New Projects/Investments

West Virginia secured $4.2 billion in private energy investments, creating over 4,200 jobs in four weeks.
Blackstone Energy Transition Partners is leading a $1.2 billion Wolf Summit Energy combined-cycle gas plant (600 MW), creating 500 construction jobs and fully contracted to serve Old Dominion Electric Cooperative’s 1.5 million customers.
Additional investments include First Energy’s $2.5 billion 1.2 GW gas baseload plant (3,200 construction jobs) and $1.44 billion for coal plant life extensions.
Just $1 million (0.02%) of the total comes from state funds, highlighting strong private-sector confidence.

Nov 13, 2025, 2:51 PM

Morningstar

Blackstone Secured Lending Fund Reports Q3 2025 Results

Earnings

Dividends

New Projects/Investments

Record net investment income per share of $0.82, exceeding the quarterly dividend of $0.77.
Maintained 97.5% first-lien senior secured debt portfolio with low non-accruals; new investments topped $1 billion, the highest since Q4 2024.
Declared a $0.77 dividend for Q4 2025, payable Jan 23, 2026, to shareholders of record on Dec 31, 2025.
Ended Q3 with $13.8 billion in fair value of investments as of Sept 30, 2025.

Nov 10, 2025, 11:50 AM

Press Release

Black Stone Minerals reports Q3 2025 results

Earnings

CEO Change

CFO Change

Mineral and royalty production averaged 34.7 MBoe/d, driving total volumes of 36.3 MBoe/d in Q3 2025.
Net income of $91.7 million, Adjusted EBITDA of $86.3 million, and distributable cash flow of $76.8 million for the quarter.
Declared a $0.30 per-unit distribution, with coverage ratio of 1.21x.
Announced leadership succession effective Jan 1, 2026: Tom Carter to Executive Chairman; Fowler Carter and Taylor DeWalch as co-CEOs; Chris Bonner as CFO.
Total debt reduced to $73.0 million as of Oct 31, 2025, with $3.6 million of cash on hand.

Nov 3, 2025, 10:30 PM

Press Release

Blackstone Mortgage Trust reports Q3 2025 results

Earnings

Dividends

Blackstone Mortgage Trust delivered $63.4 million net income for Q3 2025.
Third-quarter EPS was $0.37, Distributable EPS $0.24, and Distributable EPS prior to charge-offs $0.48 per share.
The company paid a $0.47 dividend per basic share for Q3 2025.
Management highlighted continued momentum across earnings power, investment activity, credit performance, and balance-sheet optimization.

Oct 29, 2025, 11:00 AM

Press Release

Blackstone prices $1.2 billion senior notes offering

Debt Issuance

On October 28, 2025, Blackstone Reg Finance Co. L.L.C., an indirect subsidiary of Blackstone Inc., priced $600 million 4.300% Senior Notes due 2030 and $600 million 4.950% Senior Notes due 2036.
The notes are fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, including Blackstone Holdings I–IV L.P..
Proceeds are earmarked for general corporate purposes.
The offering was completed under a shelf registration statement that became automatically effective on December 2, 2024.

Oct 28, 2025, 9:22 PM

8-K

Blackstone-backed AirTrunk plans $3B Saudi AI data center campus

New Projects/Investments

Partners with Saudi AI company HUMAIN to invest $3 billion in a hyperscale data center campus in Saudi Arabia
Aims to support Saudi Vision 2030 by bolstering digital infrastructure for AI, cloud, and high-performance data processing
HUMAIN intends to add 1.9 gigawatts of capacity by 2030 and is sourcing semiconductors from Nvidia, Qualcomm, and Cisco, with potential xAI collaboration
Marks AirTrunk’s first Middle East project, extending its presence beyond Asia-Pacific

Oct 28, 2025, 4:25 PM

Morningstar

Blackstone completes $1.6 billion acquisition of Shermco

M&A

Private equity funds affiliated with Blackstone completed acquisition of Shermco in a $1.6 billion transaction.
Shermco, headquartered in Irving, TX, is a leader in electrical testing, engineering, maintenance, and repair with over 40 locations across North America.
Since Gryphon Investors’ 2018 initial investment, Shermco delivered two-fold revenue growth through organic expansion and over a dozen add-on acquisitions.
The transaction, initially announced on August 21, 2025, underscores Blackstone’s focus on industrial services assets.

Oct 27, 2025, 12:55 PM

Press Release

Blackstone to acquire 9.99% stake in Federal Bank

Convertible Preferred Issuance

The Federal Bank board approved a preferential issue of 27.3 crore warrants to Blackstone affiliate Asia II Topco XIII for ₹6,196.5 crore, implying a 9.99% fully diluted stake.
Each warrant converts into one equity share at ₹227 per share (₹2 face value + ₹225 premium), with 25% payable on subscription and 75% on exercise over an 18-month tenor.
Exercised warrants grant Blackstone the right to nominate one non-executive director (while holding ≥5%), subject to shareholder and regulatory approvals; unexercised warrants lapse after the tenor.
An extraordinary general meeting is scheduled for Nov 19, 2025 (e-voting record date Nov 12, 2025) to seek shareholder approval.

Oct 24, 2025, 7:24 AM

Bloomberg

Blackstone launches unit to bring private assets to 401(k) plans

New Projects/Investments

Blackstone has created a new business unit within its private wealth division (managing $280 billion in assets) to expand access to private equity and credit in DC retirement plans including 401(k)s.
The unit will be led by Heather von Zuben globally, with Tom Nides as chairman and Paul Quinlan heading the U.S. DC business.
The launch follows a Trump executive order easing inclusion of nontraditional assets in retirement plans, potentially tapping into the $13 trillion U.S. DC market.
Blackstone plans partnerships with Vanguard and Wellington Management to offer blended public-private investment products and will focus on investor education.

Oct 15, 2025, 2:20 PM

Bloomberg

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