Why Blackstone Stock Rocketed Nearly 30% in January
Shares of Blackstone (NYSE: BX) rallied 29.3% in January, according to data provided by S&P Global Market Intelligence. That helped erase some of the stock's steep slide in 2022.
The leading alternative asset manager benefited from securing a major investment for its non-traded REIT, Blackstone Real Estate Income Trust (BREIT), which had been weighing on its stock following a surge in redemption requests. Blackstone also reported strong fourth-quarter results last month.
Toward the end of 2022, Blackstone faced a barrage of redemption requests by BREIT investors that exceeded its cap. As a result, the company fulfilled only some of the requests. That caused concerns that Blackstone's leading REIT had some liquidity issues.
Source Fool.com
