Blackstone IncNYSE: BX
Financials · Asset Management & Custody Banks
$124.01
-0.80%
Vol: 3.8M
Research Digest
Friday, June 19, 2026
A Blackstone-led private credit group agreed on June 17 to take control of software firm Medallia from Thoma Bravo via a $150 million recapitalization, expanding Blackstone's private credit footprint.
On June 17, 2026, a private credit lender group led by Blackstone, alongside Apollo and FS KKR (FSK), reached a recapitalization agreement to take control of customer-experience software company Medallia from private equity owner Thoma Bravo. The deal reduces Medallia's debt burden, injects $150 million of new capital, and transfers ownership to the creditor group, with closing expected before year-end subject to regulatory approval. The move matters as another sign of Blackstone deploying its large private credit platform to convert distressed software debt into equity control, and it advances Medallia's existing $500 million AI and innovation commitment. Blackstone stock traded around $123.76 on June 18, roughly flat to modestly lower. The bear case is that loan-to-own takeovers of 'ailing' software firms carry turnaround execution risk, and BX remains well below its 52-week high of about $190 amid a soft alternative-asset fundraising and exit environment.
Previous Market Intelligence
13 daysJun 18Blackstone launched its SablePointe asset-based lending platform on June 16, deepening its push into bank-dominated credit markets, while its $5B Google AI data center JV underpins long-term growth.Positive▶
Blackstone Credit & Insurance launched SablePointe Credit Strategies on June 16, 2026, a new unit focused on lending against physical assets like inventory and equipment, tapping former Wingspire Capital co-founder James Garlick to lead it. Blackstone is also in early talks to acquire H&R REIT, a Canadian apartment and commercial property owner. Its $13.1 billion Asia private equity fund close—more than double the size of its 2021 fund—demonstrates exceptional fundraising momentum. The firm's previously announced $5 billion AI data center joint venture with Google (targeting 500 MW by 2027, up to $25B total) continued to draw positive investor attention. BX stock opened at $126.85 on June 17, outperforming the broader market as easing U.S.-Iran tensions lowered bond yields and lifted financials.
Jun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15Blackstone is in renewed talks to acquire Canada's H&R REIT, a diversified property portfolio valued around C$10.5 billion, lifting the target's shares.Positive▶
Bloomberg reported June 11, 2026 that Blackstone is in preliminary, non-exclusive talks to acquire Canadian landlord H&R Real Estate Investment Trust, which owns more than 20 million square feet of North American real estate. H&R confirmed June 12 it held discussions regarding the sale of 'certain assets,' though it stressed no agreement has been reached and a deal is not assured. The takeover process began last year and previously included TPG and Crestpoint, with H&R's portfolio valued at roughly C$10.5 billion. H&R REIT shares jumped 8-9% on the news. The signal matters because it underscores Blackstone's continued aggressive real estate deployment despite lingering investor concern over redemption pressure at its private credit and BREIT vehicles. The risk is the talks may not lead to a transaction.
Jun 14Blackstone is in early-stage talks to acquire Canada's H&R REIT, signaling continued large-scale real estate deal-making by the world's largest alternative asset manager.Positive▶
Bloomberg reported on June 11, 2026 that Blackstone is in preliminary discussions to acquire H&R Real Estate Investment Trust, a Canadian owner of apartment buildings and other properties that managed roughly C$8.1 billion (about US$5.8 billion) of assets as of March 31. The talks are early-stage and may not result in a deal. Separately, Blackstone's Credit & Insurance business was named alongside Apollo as an initial anchor investor in Broadcom's new AI XPV Platform, part of a reported ~$35 billion AI financing effort. These moves underscore Blackstone's push to deploy capital across real estate and AI infrastructure. The main risk is execution and regulatory scrutiny, as the H&R discussions remain unconfirmed and could fall through.
May 21Blackstone agreed to form a $5 billion AI cloud joint venture with Google, becoming the majority owner of the new in-house chip-based cloud business.Positive▶
On May 19, 2026, Alphabet's Google agreed to create an AI cloud business with Blackstone, with the project relying on an initial $5 billion in equity capital from Blackstone, which will be the majority owner. Blackstone Digital Infrastructure Trust (BXDC) priced its IPO of 87.5 million shares at $20.00 on May 13. Blackstone walked away from a proposed $4 billion deal with New World Development after the property developer refused to cede control. The firm is preparing the third iteration of its long-term private equity fund. Blackstone Real Estate Debt Strategies completed more than $4 billion in industrial-portfolio refinancings via Link Logistics. Shares trade near $115 with a Buy consensus rating.
May 20Blackstone Digital Infrastructure Trust (BXDC) IPO priced at $20 raising up to $2B, complementing a $5B Google TPU cloud JV announced earlier.Positive▶
Blackstone Digital Infrastructure Trust priced its IPO at $20 per share on May 13, 2026, with up to 87.5 million shares totaling roughly $2B, and shares began trading on the NYSE on May 14 under ticker BXDC. The launch deepens Blackstone's AI/digital-infrastructure exposure alongside its joint venture with Google to deliver TPU compute-as-a-service, where Blackstone committed an initial $5B in equity to bring 500MW of capacity online in 2027. The firm also launched a homebuilder lending platform via Blackstone Real Estate Debt Strategies. Blackstone remains the largest alternative asset manager with $1.304T in AUM as of March 2026 and shares are up roughly 8.5% over the past month. Risk: large new capital commitments increase execution and cyclical exposure; pace of capital deployment vs. fundraising will be watched.
May 19Google partners with Blackstone on AI cloud venture with $5B equity, TD Cowen trims PT to $133Mixed▶
Google agreed to create an AI cloud business with Blackstone in a deal reported May 19, with Blackstone supplying an initial $5B in equity and becoming the majority owner, a major strategic move into AI infrastructure. Blackstone Digital Infrastructure Trust (BXDC) priced its IPO on May 13 at $20/share, raising up to $2B and beginning NYSE trading May 14. Blackstone walked away from a $4B New World Development deal over control terms and is laying groundwork for a third long-term private equity fund. TD Cowen lowered its price target to $133 from $140 on May 16, while consensus among 17 analysts remains Buy; stock is down 22.9% YTD at $117.89. Risk: BX is down sharply YTD on rate-sensitivity and fundraising concerns, and the AI cloud build-out requires sustained capital deployment in a competitive hyperscaler market.
May 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 15Blackstone Digital Infrastructure Trust IPO raises $1.75B as firm walks from $4B New World deal and launches homebuilder lending platformMixed▶
Blackstone Digital Infrastructure Trust priced and began trading on NYSE under "BXDC" on May 13-14, 2026, raising $1.75B in an IPO targeting AI data center demand. The same week, Blackstone walked away from a $4B tie-up with New World Development after a yearlong negotiation collapsed over control terms. On May 11 the firm launched a Real Estate Debt Strategies homebuilder lending platform aiming to finance more than 50,000 US homes annually. Blackstone also laid groundwork for a third long-term private equity fund targeting 8-10 deals at $800M-$1B per check. The stock trades near $122.76, down 22.7% YTD but consensus rating remains Buy. Risk: real estate exposure and continued underperformance vs broader market.
May 14Blackstone Digital Infrastructure Trust prices $1.75B IPO (trades May 14 as BXDC) while walking away from $4B New World Development deal over control dispute.Mixed▶
On May 13, 2026, Blackstone Digital Infrastructure Trust raised $1.75 billion in its US IPO with shares set to begin trading May 14 on the NYSE under ticker BXDC, capitalizing on strong investor appetite for AI infrastructure exposure. The same day, Blackstone walked away from a proposed $4 billion tie-up with New World Development Co. after a yearlong negotiation collapsed over the property developer refusing to cede control. Separately on May 12, Blackstone laid groundwork for a third long-term private equity buyout fund targeting $800M-$1B checks across 8-10 companies. On May 11, Blackstone and Halliburton committed $1 billion combined to VoltaGrid, a gas-microgrid startup powering data centers, and announced a new lending platform for homebuilders aiming at 50,000+ US homes annually. The moves underscore Blackstone's aggressive pivot toward AI/data center infrastructure and private credit, but the New World fallout signals disciplined capital deployment. Risks include further valuation pressure on the stock, which is down 22.7% YTD and 14.4% over the past year despite the strategic positioning.
May 13Blackstone launched homebuilder lending platform to finance 50,000+ homes annually on May 11 and partnered with Sony Music to acquire the entire Recognition music rights portfolio; also preparing third long-term buyout fund.Positive▶
Blackstone announced major capital allocation moves on May 11, 2026. Blackstone Real Estate Debt Strategies launched a new lending platform to finance the construction of over 50,000 homes annually, and Blackstone closed a significant deal with Sony Music Publishing to acquire Recognition's entire music rights portfolio. Blackstone is preparing a third long-term private equity buyout fund per Bloomberg reporting on May 12. The firm also unveiled Blackstone N1, a new AI/tech investment division led by Jas Khaira based in San Francisco, partnering with Anthropic to launch an enterprise AI services business. The Blackstone Digital Infrastructure Trust REIT plans to raise ~$2B for AI-boom data centers. Blackstone Life Sciences invested $250M in Anagram Therapeutics.
May 12Blackstone unveiled multiple major deals May 11: a $1B VoltaGrid investment with Halliburton, a homebuilder lending platform for 50,000 homes/yr, and Skroutz acquisition.Positive▶
On May 11 Blackstone announced multiple major transactions: joining Halliburton in a $1B investment in VoltaGrid, a gas-powered microgrid startup serving data centers; launching a Brio Homebuilder Solutions lending platform to finance 50,000+ US homes annually; partnering with Sony Music Publishing to acquire Recognition Music Group's rights portfolio; and agreeing to acquire a majority stake in Greek online marketplace Skroutz from CVC. Earlier in May, Blackstone and KKR were reported in talks with Alphabet on AI model access for portfolio companies, and Blackstone/Apollo are weighing $35B private credit financing for Broadcom (potentially the largest such deal ever). The Blackstone Digital Infrastructure Trust (data center REIT) is targeting a ~$1.75B-$2B IPO. Shares traded around $121.40 on May 11; analysts maintain a Buy consensus with a $156.53 12-month target.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| BLKBLACKROCK | $1,050.83 | -0.62% | -0.1% | 17.3x | 1.43 | $171.0B |
| BXBLACKSTONE | $124.01 | -0.80% | +6.0% | 16.4x | 1.58 | $151.3B |
| BKBANK | $137.16 | +0.00% | +5.0% | 14.2x | 1.07 | $94.1B |
| KKRKKR | $96.93 | -0.25% | +2.8% | 13.1x | 1.79 | $90.5B |
| APOAPOLLO | $137.79 | -0.81% | +4.0% | 13.0x | 1.49 | $79.3B |
| STTSTATE | $168.73 | -1.39% | +9.2% | 12.2x | 1.45 | $46.6B |
Key Fundamentals
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Price below 200d MA — bearish structure.