December 11, 2022
Blackstone CEO says financially distressed investors driving REIT redemptions
Blackstone Inc (BX.N) Chief Executive Stephen Schwarzman said on Wednesday that redemptions in his firm's...

Blackstone CEO says financially distressed investors driving REIT redemptions

December 7, 2022 | Chibuike Oguh | Reuters

Blackstone Inc (BX.N) Chief Executive Stephen Schwarzman said on Wednesday that redemptions in his firm’s $69 billion non-traded real estate income trust (REIT) were driven by investors roiled by market volatility rather than dissatisfaction with the fund.

Blackstone shares have lost 15% of their value since Dec. 1, when the New York-based firm disclosed it had for the first time limited redemptions from the REIT, which is marketed to high net-worth investors rather than institutional clients like pension funds and insurance firms. Blackstone relies on the REIT for about 17% of its earnings.

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