Blackstone Defaulted on Loan: Is the Stock in Trouble?
In early March, alternative asset management company Blackstone (NYSE: BX) defaulted on a 531 euro ($579 million) bond backed by a portfolio of European offices. The default comes at an especially bad time for the company as March marked the fourth consecutive month that Blackstone limited withdrawal requests for its private real estate investment trust (REIT), known as BREIT.
Investors are rightfully wondering if this default is a sign that Blackstone is in trouble or if this top-tier stock can come out ahead. Let's take a closer look to see what this default could mean for the company.
Blackstone is one of the largest alternative asset management companies in the world. At the end of 2022, the company managed more $975 billion for high-net-worth individuals and institutions. The company invests in non-traditional assets such as real estate, private equities, credit, life sciences, and renewable energy, along with several other specialized asset classes -- including this bond.
Source Fool.com
