New York, February 20, 2026, 05:16 EST — Premarket
- Blackstone shares held flat before the bell, coming off a roughly 5.4% drop in the previous session.
- Private credit’s liquidity question bled into alternative asset managers, dragging sentiment lower.
- Investors are eyeing U.S. GDP and PCE inflation figures out later Friday, which could shake up current rate expectations.
Blackstone Inc held steady around $125.76 in premarket trading Friday. The stock had tumbled 5.37% a day earlier, sliding to $125.76 from its previous $132.90 close. Bloomberg
Alternative-asset managers lost ground after Blue Owl Capital abruptly put a stop to quarterly redemptions at one of its credit funds, a move paired with asset sales aimed at paying back clients. That triggered a sharp selloff this day. Mohamed El-Erian, the economist and ex-PIMCO CEO, weighed in on X, describing the move as potentially a “canary-in-the-coalmine” moment. Reuters
The timing is critical here: investors are jumping to adjust prices on any sign of stress in private credit—those loans that don’t run through public bond markets—right as everyone awaits U.S. data that could jolt rate bets yet again. Economists, according to Reuters, are looking for a fourth-quarter growth slowdown but expect core inflation to remain stubborn. Reuters
Blue Owl assured investors it’s “not halting investor liquidity” in the fund. Instead of the previously planned tender offer—which would have let certain investors redeem up to 5% of their capital—the firm told clients it will return 30% of the fund’s net asset value, or NAV, within 45 days. Reuters
Truist Securities’ Brian Finneran noted the market seemed to take the move as evidence that withdrawal requests were on the rise, even though Blue Owl reported selling loans at 99.7% of par—the book value on its balance sheet. Finneran argued that with rates off their highs, these loans “should be fetching premiums to par.” Oppenheimer’s Mitchel Penn cut in: “Nobody is getting a break.” Reuters
Blackstone manages $1.3 trillion in assets, anchoring its position in the private-markets sector as capital keeps flowing in from wealthy individuals, as well as pensions and insurers. Blackstone
Elsewhere, a Blackstone-backed name reemerged on the IPO radar this week. Liftoff Mobile filed confidentially for a U.S. listing just hours after it scrapped a previous attempt—a move that highlights the tricky calculus around exit timing right now. Reuters
This isn’t new territory for investors. Back in late 2022, Blackstone clamped down on withdrawals from its flagship retail real estate fund, BREIT, after redemptions hit preset thresholds—once again raising questions about the so-called “semi-liquid” private funds and their response when investors rush for the exits. Reuters
The ripple effect from Blue Owl isn’t guaranteed to be straightforward. Should asset sales and distributions proceed without trouble and things remain under control, the immediate impact on the group could recede. On the other hand, if additional managers run into bigger redemption demands or are forced to unload assets in a soft market, expect more strain on both valuations and fundraising.
Blackstone’s immediate focus shifts to Friday morning, when the U.S. government drops its advance fourth-quarter GDP read alongside the personal income and outlays numbers—PCE inflation data’s in there, too. That’s coming at 8:30 a.m. ET. Bea
