Blackstone Entities Tied To Schwarzman Buy $2.7 Million Of Credit Fund Shares, A Third Purchase Since July 25
Blackstone-managed funds paid $26.20 a share on Wednesday for 104,054.449 shares in its real estate credit and income fund.
A joint SEC filing made Friday shows Blackstone-managed funds bought 104,054.449 shares on Wednesday at $26.20 apiece, about $2.7 million in all, in Blackstone Private Real Estate Credit and Income Fund. Chairman and CEO Steve Schwarzman is among the reporting owners because he controls the firm's ownership chain.
Two open-market lines, one price
The Form 4, the report insiders file after trading, lists two open-market purchases, both at $26.20 a share. The larger was 76,335.878 shares, and the smaller was 27,718.571 shares.
Both were bought through indirect holdings. After the larger purchase, 8,971,813.758 shares remained in that ownership line. After the smaller one, 57,118.041 shares remained in its line.
The filing group reports 27,657,226.396 shares in total after the purchases. All are held indirectly through Blackstone-managed funds, and none directly. The purchase equals 0.38% of that reported stake, not of the fund's shares outstanding.
Who actually owns the shares
The shares are held directly by three Blackstone vehicles: Blackstone Private Multi-Asset Credit and Income Fund, an offshore feeder fund for the real estate credit fund, and BCRED X Holdings, a unit of Blackstone Private Credit Fund. The filing says Blackstone Group Management, which holds the Series II preferred stock of Blackstone Inc., is controlled by Schwarzman, its founder.
Schwarzman and the other reporting persons say they own the shares only to the extent of their financial stake in them. The filing says it is not an admission that they are beneficial owners.
A third purchase filing since July 25
Earlier filings in the window starting July 25 show two purchases totaling 464,337.047 shares, or $12.1 million. On August 21, the group bought 272,641.916 shares at about $26.14 ($7.1 million). On September 23, it bought 191,695.131 shares at about $26.17 ($5.0 million).
Including Wednesday's buy, the three purchase filings since July 25 total 568,391.496 shares, or $14.9 million. A filing note says that because EDGAR limits a Form 4 to 10 reporting persons, certain affiliates filed separate forms.
The August 21 and September 23 purchases came at about $26.14 and $26.17 a share, close to Wednesday's $26.20.
Sources
- Form 4 — Steve Schwarzman (NONE) — SEC EDGAR
