Blackstone Inc. · NYSE:BX
Blackstone — Blackstone Loan Financing — Q3 2021 Earnings Presentation
73 slides from Blackstone's earnings presentation, November 2021
Slide 1: Blackstone Loan Financing Limited
Blackstone Loan Financing Limited AS OF 30 SEPTEMBER 2021
Slide 2: Table of Contents
TABLE OF CONTENTS I. BGLF Overview 2 II. BCF Overview 6 III. Third Quarter 2021 Results 9 IV. Performance 16 V. Portfolio Activity and Outlook 20 VI. Market Overview 34 VII. BCF Sensitivity Analysis 44 VIII. Additional Information 53 IX. Key Risk Factors 59 X. Important Disclosure Information 62 Bla
Slide 3: I. BGLF Overview
I. BGLF Overview Blackstone | 2
Slide 4: Blackstone Loan Financing Limited (BGLF)
BLACKSTONE LOAN FINANCING LIMITED (“BGLF”) Focus on senior secured corporate loans with a goal of providing compelling income and stable NAV Strategy Overview BGLF € NAV Total Returns Components(1) 24.4% ▪ Leveraged exposure to European and US floating rate 25.0% senior secured loans and bonds, both
Slide 5: Investment Opportunity Overview
INVESTMENT OPPORTUNITY OVERVIEW ▪ Provides access to a market-leading loan and CLO management platform, including CLO warehouse investment opportunities(1) Blackstone Credit’s CLO ▪ Cost effective levered exposure to senior secured loans through term financing on balance sheet and Platform through C
Slide 6: Ways to Invest
WAYS TO INVEST Public Shares Private Units Ticker / Share Class BGLF LN BGLP LN Class A Class C Fund Name Blackstone Loan Financing Ltd. Blackstone Corporate Funding EUR Fund Description Ordinary Shares QIAIF Units Fund Jurisdiction Jersey Ireland Total NAV(1) €429.9 million €739.2 million €19.1 mil
Slide 7: II. BCF Overview
II. BCF Overview Blackstone | 6
Slide 8: BCF: 3Q '21 Summary Performance
BCF: 3Q ’21 SUMMARY PERFORMANCE 11.48% 11.13% €52M €1,204M 3Q ROI ann.(1) LTM ROI(2) 3Q ’21 BCF change in BCF net assets net assets 1.93% 6.9x €430M €758M NIM(3) debt-to-equity(4) BGLF net assets BCF EUR net assets Net Assets as of 30 September 2021. (1) 3Q BCF Return on Investment (“ROI”) annualise
Slide 9: Blackstone Corporate Funding (BCF) Structure
BLACKSTONE CORPORATE FUNDING (“BCF”) STRUCTURE Private Unitholders Public Shareholders ▪ €877 million committed capital 467 million shares: ▪ €15 million undrawn capital ▪ 91% third parties (425 million) ▪ 9% Blackstone (43 million) BCF EUR BGLF €758.3 million NAV €429.9 million NAV 65.1% 34.9% BCF:
Slide 10: III. Third Quarter 2021 Results
III. Third Quarter 2021 Results Blackstone | 9
Slide 11: Third Quarter 2021 Results
THIRD QUARTER 2021 RESULTS ▪ Total return of 5.9% in 3Q ’21 and 17.1% YTD, with a distribution yield of 9.55%. The Board has adopted BGLF Earnings a revised Dividend Policy targeting a total annual dividend of between €0.07 and €0.08 for 2021 (1) & Distributions ▪ BGLF’s net distributable earnings e
Slide 12: BCF Capitalisation
BCF CAPITALISATION ▪ As of 30 September 2021, there was €15 million of undrawn committed capital (€15 million drawn on 1 July) ▪ Debt-to-equity ratio of 6.9x through financing structures as of 3Q’ 21, compared to 5.4x as of 2Q ’21, largely driven by resets of amortising CLOs and exclusion of redeeme
Slide 13: BGLF Earnings & Distributions
BGLF EARNINGS & DISTRIBUTIONS ▪ BGLF Distribution yield of 9.55%, as of 30 September 2021(1) ▪ BGLF’s net distributable earnings exceeded its declared dividends by 38% over the last 12 months, with any retained net earnings being available for share repurchases, reinvestment, and dividends going for
Slide 14: BCF Investment Activity
BCF INVESTMENT ACTIVITY ▪ Portfolio trading activity during 3Q’21 broadly focused on relative value, primary participation, and increasing spread within the CLO loan portfolios ▪ In the third quarter, €2.5 billion of assets purchased and €1.3bn of assets sold, including underlying CLO and warehouse
Slide 15: BCF Portfolio Composition
BCF PORTFOLIO COMPOSITION ▪ Diversified portfolio of 708 issuers invested across multiple sectors, geographies, and vintages ▪ Portfolio of primarily senior secured and floating rate assets Country Allocations Moody’s Rating Distribution Others 4.4% >Ba2 4.2% 14.7% 4.9% Ba2 4.5% Luxembourg 7.6% Ba3
Slide 16: BCF Investment Activity
BCF INVESTMENT ACTIVITY ▪ EUR CLOs WAC increased as a result of amortising transactions and a previously reset CLO where weighted average cost increased (although the reset was accretive to IRR) ▪ US CLO WAC decreased as a result of reset and refinancing activity. We expect this trend to continue as
Slide 17: IV. Performance
IV. Performance Blackstone | 16
Slide 18: 3Q '21 Return Analysis
3Q ’21 RETURN ANALYSIS BGLF’s total net (NAV) return for 3Q ’21 was 5.85% Contributors to Total Return Directly EUR CLO US CLO US CLO BCF Cash BCF BGLF Held Loans Income Notes Income Notes Warehouses & Expenses 7% 0.26% 0.02% 5.94% 6% 0.14% 0.14% 0.09% 5.85% 0.98% 2.98% -0.17% -0.17% 5% 2.00% 4% 3.0
Slide 19: 2021 BGLF YTD Return Analysis
2021 BGLF YTD RETURN ANALYSIS BGLF’s YTD total net (NAV) return was 17.07% Contributors to Total Return Directly EUR CLO US CLO US CLO BCF Cash BCF BGLF Held Loans Income Notes Income Notes Warehouses & Expenses 20% 0.83% 0.18% 17.66% 18% 3.17% 9.39% 0.22% 0.22% 0.20% 17.07% -0.54% 16% -0.79% 6.21%
Slide 20: BGLF Total Returns Since Inception
BGLF TOTAL RETURNS SINCE INCEPTION 75.85% NAV and 63.80% share price cumulative total return since inception Versus 27.28% and 33.40% for European loans and US loans, respectively Annualised Net Total Return 60% 53.3% 50% 40% 30% 24.4% 20% 10.3% 9.8% 10% 8.5% 8.4% 7.3% 8.2% 7.1% 5.9% 5.2% 7.6% 4.6%
Slide 21: V. Portfolio Activity and Outlook
V. Portfolio Activity and Outlook Blackstone | 20
Slide 22: Third Quarter 2021 Portfolio Activity and Outlook
THIRD QUARTER 2021 PORTFOLIO ACTIVITY AND OUTLOOK Portfolio trading activity during 3Q’21 broadly focused on relative value, primary participation, and increasing spread within the CLO loan portfolios ▪ Tail risk was selectively reduced in European CLOs by rotating into issuers perceived to have bet
Slide 23: Third Quarter 2021 Portfolio Activity and Outlook (Cont'd)
THIRD QUARTER 2021 PORTFOLIO ACTIVITY AND OUTLOOK (CONT’D) Owing to relatively robust credit fundamentals, the low default environment, accommodative CLO liability spreads, and continued demand for CLO debt, conditions for CLO creation remain favourable ▪ BCF priced one new US CLOs and one new Europ
Slide 24: New Securitisations, Resets, and Refinancings – 3Q '21
NEW SECURITISATIONS, RESETS, AND REFINANCINGS – 3Q ’21 New CLO securitisations ▪ The addition of new CLOs to the BCF portfolio improves diversification across vintage and allows for additional refinancing and reset opportunities in aggregate, to take advantage of favourable market conditions as they
Slide 25: Subsequent Events – BCF Portfolio Activity
SUBSEQUENT EVENTS – BCF PORTFOLIO ACTIVITY New CLO Securitisations ▪ In October 2021, Whetstone Park CLO (U.S.) was priced, further diversifying the portfolio by vintage and geography. The $506 million transaction has a 5 year reinvestment period and two year non call period, with AAA liabilities pl
Slide 26: Summary of Investment Portfolio: BCF Portfolio
SUMMARY OF INVESTMENT PORTFOLIO: BCF PORTFOLIO ▪ Portfolio composition relatively unchanged quarter over quarter, despite active management of the CLO portfolio ▪ Increase in portfolio WA NIM increase driven by USD CLOs and warehouses ▪ Remaining CLO reinvestment period average increased to 2.2 year
Slide 27: CLO Securitisation Performance by Vintage
CLO SECURITISATION PERFORMANCE BY VINTAGE – CURRENT PORTFOLIO HIGHLY CONFIDENTIAL & TRADE SECRET ▪ CLO securitisations continue to generate positive, uninterrupted cashflows ▪ EU CLOs 3Q’21 ann. distribution increased quarter on quarter due to closing of earlier resets and associated par flushes (re
Slide 28: BCF Historical Default and Recovery
BCF HISTORICAL DEFAULT AND RECOVERY ▪ BCF continues to outperform the market; no new defaults during 3Q’21 in the BCF portfolio and one new default in US leveraged loans 3Q ’21 Default Loss Rate Since Inception Default Loss Rate 0.10% 1.0% 0.82% 0.08% 0.8% 0.06% 0.05% 0.6% 0.40% 0.04% 0.4% 0.02% 0.0
Slide 29: Summary of Investment Portfolio
SUMMARY OF INVESTMENT PORTFOLIO BCF Look-through Portfolio 4Q '20 1Q ‘21 2Q’21 3Q’21 QoQ Trend(2) # Issuers / Facilities 680 / 952 690 / 979 698 / 981 708 / 1001 Total Gross Par Exposure (€M) 20,064 19,799 20,511 20,711 WA Spread 3.46% 3.45% 3.48% 3.50% WA Base Rate 0.27% 0.25% 0.26% 0.25% WA Coupon
Slide 30: BCF Look Through Portfolio Details
BCF LOOK THROUGH PORTFOLIO DETAILS # Portfolio Total Par Moody’s Moody’s WA Coupon WA Facilitie Par Outstanding Corporate Facility WA WA (All-In Maturity s (€M) (€M) Moody’s Industry Country Rating Rating Price Spread Rate) (Years) Issuer 1 6 182 5,828 Retail (Global Petrol Stations) United Kingdom
Slide 31: European CLO Securitisation Investment Details
EUROPEAN CLO SECURITISATION INVESTMENT DETAILS Refi / Highest of Remaining BCF Position Valuation Ann. Cum. Interest Defaulted Closing Reset Deal Size BCF Cost WA Cost of Gross Caa / CCC / RI Period Position as % of as % of BCF Cash-on- Cash-on- NIM Diversion Assets % of Date Date (m) (m) Debt(1) Co
Slide 32: US CLO Securitisation Investment Details (Cont'd)
US CLO SECURITISATION INVESTMENT DETAILS (CONT’D) Highest of Refi / Remaining BCF Position Valuation Ann. Cum. Interest Defaulted Closing Deal Size BCF Cost WA Cost Gross Caa / CCC / Reset Date RI Period Position as % of as % of BCF Cash-on- Cash-on- NIM Diversion Assets % of Date (m) (m) of Debt(1)
Slide 33: Vertical Retention Investments
VERTICAL RETENTION INVESTMENTS Refi / Highest of Remaining BCF Position Ann. Cum. Interest Defaulted Closing Reset Deal Size BCF Cost Valuation as WA Cost of Gross Caa / CCC / RI Period Position as % of Cash-on- Cash-on- NIM Diversion Assets % of Date Date (m) (m) % of BCF NAV Debt(1) Coupon(1) CCC
Slide 34: Redeemed or Fully Sold CLOs
REDEEMED OR FULLY SOLD CLOs Sale/Redemption BCF Position Current Valuation as Realised WA Ann. Distribution Region Vintage Exit Method Date Prior To Exit (m) % of BCF NAV(1) IRR(2) Through Last Payment(3) Myers Park U.S. 2018 Sale Mar-21 $26.4 N/A 11.1%* 16.4% Greenwood Park U.S. 2018 Sale Mar-21 $5
Slide 35: VI. Market Overview
VI. Market Overview Blackstone | 34
Slide 36: Market Overview
MARKET OVERVIEW European and US leveraged loan markets performed well during 3Q ’21 albeit with a few headwinds on the horizon, largely related to macroeconomic conditions ▪ The persistence of global supply chain constraints has fed through into corporate activity and duly noted by management teams
Slide 37: Market Overview
MARKET OVERVIEW Many of the same technical themes in the leveraged loans and CLO market persisted from the earlier in the year, underpinning another positive quarter of performance ▪ In Europe, loan supply was roughly half versus 2Q ’21 at €25 billion, however in the US, total loan supply maintained
Slide 38: Inflation Expectations
INFLATION EXPECTATIONS Expectations for inflation remain elevated in some developed foreign markets U.S. Treasury Yield Breakevens(1) Global Sovereign Bond 5-Year Breakevens (daily) (daily) 3.0% 4.5% 4.0% 2.5% 3.5% 3.0% 2.0% 2.5% 1.5% 2.0% 1.5% 1.0% 1.0% 0.5% 0.5% 0.0% 0.0% -0.5% 2016 2017 2018 2019
Slide 39: Global Credit Spreads and Prices
GLOBAL CREDIT SPREADS AND PRICES Spread to Maturity Yield to Maturity (L+ / E+) 1,000 11% 800 9% 600 7% E+444 400 5% L+399 4.19% 3.89% 200 3% Mar-18 Dec-18 Aug-19 May-20 Jan-21 Sep-21 Mar-18 Dec-18 Aug-19 May-20 Jan-21 Sep-21 S&P LL Index S&P Euro LL Index S&P LL Index S&P Euro LL Index Average Bid
Slide 40: Global Loan Return by Quality
GLOBAL LOAN RETURN BY QUALITY CCC-rated assets have outperformed in the LTM period US Loan Returns by Quality European Loan Returns by Quality 30% 30% 26.1% 26.8% 25% 25% 20% 20% 15% 15% 10% 7.7% 10% 5% 4.8% 6.8% 0% 5% 3.8% -5% 0% Mar-21 Oct-20 Feb-21 Nov-20 Dec-20 Aug-21 Sep-20 Apr-21 Jun-21 Jul-21
Slide 41: Industry Performance
INDUSTRY PERFORMANCE COVID-impacted sectors have led YTD performance Top 10 Loan Sector Year-to-Date Returns (Europe) 7.6% 7.0% 6.6% 6.5% 5.2% 4.8% 4.5% 4.4% 4.3% 4.2% 3.9% Gaming/ Consumer Retail Consumer Non- Manufacturing Aerospace Broadcasting Forest Products Financial Energy CS WE LLI Leisure D
Slide 42: Global Loan Defaults
GLOBAL LOAN DEFAULTS Realised defaults continue to trend lower to beyond pre-pandemic levels Trailing 12-month Issuer Default Rate 9.3% 7.7% 6.8% 4.6% 4.7% 4.1% 3.3% 3.4% 3.1% 1.9% 1.8%1.7% 1.5% 1.6% 1.6% 1.4% 1.3% 1.3% 1.2% 1.0% 0.6% 0.7% 0.5% 0.4% 0.1% 0.1% 2009 2010 2011 2012 2013 2014 2015 2016
Slide 43: CLO Issuance
CLO ISSUANCE Year to date CLO market volume tracking at record pace Global quarterly CLO volume including refinancings and resets totalled $128 billion in 3Q ’21 versus $139 billion in 2Q ‘21 U.S. and European CLO Issuance ($/€ in billions) 350 $321 300 $286 $285 250 200 $162 150 $125 100 € 76 € 46
Slide 44: Global CLO Arbitrage
GLOBAL CLO ARBITRAGE The average quarterly arb marginally decreased in 3Q ’21 as new issue CLO tranche spreads retreated from their lows earlier in the year US WA Spread and Cost of Capital European WA Spread and Cost of Capital (bp) (bp) 450 450 400 400 350 350 300 300 250 250 200 200 150 150 100 1
Slide 45: VII. BCF Sensitivity Analysis
VII. BCF Sensitivity Analysis Blackstone | 44
Slide 46: Changes to Assumptions Since End 2019
CHANGES TO ASSUMPTIONS SINCE END 2019 ▪ Assumptions herein represents current views of Blackstone Credit LCS Investment Team and is largely consistent with the scenario run by our 3rd party valuation provider for NAV purposes, with a few differences, namely the prepayment rate [25%], recovery rate [
Slide 47: Scenario Assumptions
SCENARIO ASSUMPTIONS Current (30-September-21) Global Financial Crisis ("GFC") Stress - Market GFC Stress - Blackstone Credit Assumption EUR US EUR US EUR US Default and recovery assumptions aim to track CS (Western Default and recovery assumptions aim to track BXC LCS Loan fund The assumptions belo
Slide 48: Projected Equity Distributions
PROJECTED EQUITY DISTRIBUTIONS Projected Equity Distributions (€ millions) 80 70 60 50 40 30 20 10 0 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Current (30-September-21) GFC Stress (Market) GFC Stress (Blackstone Credit) Source: Blackstone Credit, Intex. As of 31 August 2021. Note t
Slide 49: Projected Interest Diversion Cushions
PROJECTED INTEREST DIVERSION CUSHIONS Average Interest Diversion Cushions (%) 5.0 3.0 1.0 -1.0 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Current (30-Sep-21) GFC Stress (Market) GFC Stress (Blackstone Credit) Interest Diversion Failure Forecast Total # Deals: 46 Current (30 Sep 2021
Slide 50: US and European Default and CCC Projections
US AND EUROPEAN DEFAULT AND CCC PROJECTIONS US Projected CCCs European Projected CCCs (%) (%) 15.0 15.0 12.0 12.0 9.0 9.0 6.0 6.0 3.0 3.0 0.0 0.0 Current (30-Sep-21) GFC Stress (Market) GFC Stress (Blackstone Credit) Current (30-Sep-21) GFC Stress (Market) GFC Stress (Blackstone Credit) US Projected
Slide 51: Assumptions for Current Scenario in Sensitivity Analysis
ASSUMPTIONS FOR “CURRENT” SCENARIO IN SENSITIVITY ANALYSIS Model Assumptions: ▪ The CLO Equity positions are dependent on various assumptions influencing the net returns, which are projected in Intex ▪ BXC’s liquid credit analysts updated their near-term (3, 6, and 12 month) views on the probability
Slide 52: Case Study: 2007 USD CLO – Inwood Park CLO
Sample – For Illustrative Purposes Only. CASE STUDY: 2007 USD CLO – INWOOD PARK CLO Not a BCF Investment CLO Income Notes Have Been Resilient Even Through the Great Financial Crisis As They Continued to Make Distributions Without Significant Loss to the Par of Underlying Assets Capital Structure Ass
Slide 53: Case Study: 2007 EUR CLO – Harbourmaster CLO 7
Sample – For Illustrative Purposes Only. CASE STUDY: 2007 EUR CLO – HARBOURMASTER CLO 7 Not a BCF Investment CLO Income Notes Have Been Resilient Even Through the Great Financial Crisis As They Continued to Make Distributions Without Significant Loss to the Par of Underlying Assets Capital Structure
Slide 54: VIII. Additional Information
VIII.Additional Information Blackstone | 53
Slide 55: BGLF Monthly € NAV Total Return Performance
BGLF MONTHLY € NAV TOTAL RETURN PERFORMANCE Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2021 BGLF € NAV 2.79% 0.67% 0.20% 1.27% 1.28% 4.00% 1.38% 1.18% 3.19% 17.07% European Loans 0.91% 0.81% 0.00% 0.43% 0.42% 0.31% 0.04% 0.48% 0.44% 3.90% US Loans 1.27% 0.67% 0.06% 0.51% 0.52% 0.41% 0.00% 0
Slide 56: BGLF Monthly € NAV Total Return Performance
BGLF MONTHLY € NAV TOTAL RETURN PERFORMANCE 30/09/2016 – 30/09/2017 – 30/09/2018 – 30/09/2019 – 30/09/2020 – 30/09/2017 30/09/2018 30/09/2019 30/09/2020 30/09/2021 Discrete Performance BGLF € NAV 4.74% 6.36% 11.04% -2.88% 24.38% European Loans 4.23% 2.78% 2.34% -0.33% 7.58% US Loans 5.36% 5.58% 3.31
Slide 57: What Is a CLO?
WHAT IS A CLO? CLOs are securitisations backed by a diversified pool of Senior Secured Loans Payments ▪ A CLO is a special purpose company that issues debt and equity and uses the proceeds to invest in a diversified portfolio of senior secured loans Liabilities ▪ It distributes the cash flows from i
Slide 58: How Do Loan Downgrades Affect CLOs?
HOW DO LOAN DOWNGRADES AFFECT CLO S? CLO Coverage Tests Notable Haircuts to OC and ID Tests Overcollateralisation Test (“OC Test”) ▪ CCC exposure > 7.5% (market value; example below) ▪ A ratio of asset par (with Haircuts) divided by ▪ Defaulted/deferring assets (lower of market value and liability b
Slide 59: ESG Diligence
ESG DILIGENCE HIGHLY CONFIDENTIAL & TRADE SECRET LCS analysts monitor for material ESG and climate related events with a focus on themes specific to each issuer ▪ Environmental regulation that adversely impacts an issuer’s business model Environmental ▪ Negative environmental events as a result of c
Slide 60: IX. Key Risk Factors
IX. Key Risk Factors Blackstone | 59
Slide 61: Key Risk Factors
KEY RISK FACTORS AS DETERMINED BY THE ENTITIES DISTRIBUTING THIS COMMUNICATION All investments are subject to risk, including the loss of the principal amount invested. Past performance is not necessarily indicative of future results, and there can be no assurance that BGLF will achieve comparable r
Slide 62: Key Risk Factors
KEY RISK FACTORS AS DETERMINED BY THE ENTITIES DISTRIBUTING THIS COMMUNICATION Conflicts of Interest. There may be occasions when the Company and their affiliates will encounter potential conflicts of interest in connection with Blackstone’s activities including, without limitation, the allocation o
Slide 63: X. Important Disclosure Information
X. Important Disclosure Information Blackstone | 62
Slide 64: Important Disclosure Information
IMPORTANT DISCLOSURE INFORMATION Important notice in relation to Blackstone Loan Financing Limited (“The Company” or "BGLF") This document has been issued by Blackstone Loan Financing Limited (the “Company”), and should not be taken as an inducement to engage in any investment activity and is for th
Slide 65: Important Disclosure Information
IMPORTANT DISCLOSURE INFORMATION Certain information contained herein has been obtained from published and non-published sources prepared by other parties, which in certain cases has not been updated through the date hereof. While such information is believed to be reliable for the purpose used here
Slide 66: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) Any targets, forecasts, estimates, or similar returns set forth herein are based on Blackstone Credit’s belief about the returns that may be achievable on investments that the Fund intends to pursue. Targets, forecasts, and estimates are necessarily speculat
Slide 67: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) Prospective investors should be aware that an investment in the Fund involves a high degree of risk. There may be occasions when the management company of the Fund, the principals, Blackstone Credit, Blackstone and their affiliates will encounter potential c
Slide 68: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) Blackstone Ireland Limited and Blackstone Ireland Fund Management Limited are authorised and regulated by the Central Bank of Ireland. Blackstone Ireland Limited, Blackstone Ireland Fund Management Limited, the funds they manage, or specific investments made
Slide 69: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) AUSTRALIA The provision of this document to any person does not constitute an offer of securities or financial products of any kind to that person or an invitation to that person to apply for securities or financial products of any kind. Any such offer or in
Slide 70: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) CANADA These materials and the information contained herein are not, and under no circumstances are to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of securities in Canada or any province or territory thereof.
Slide 71: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) SPECIAL NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA In relation to each member state of the EEA (each a “Member State”) which has implemented the Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”), this do
Slide 72: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) JAPAN THE SHARES OF THE COMPANY MAY NOT BE OFFERED FOR A PUBLIC OFFERING IN JAPAN UNLESS A SECURITIES REGISTRATION STATEMENT PURSUANT TO ARTICLE 4, PARAGRAPH 1 OF THE FINANCIAL INSTRUMENTS AND EXCHANGE ACT OF JAPAN (INCLUDING ANY AMENDMENTS OR SUCCESSOR LAWS
Slide 73: Important Disclosure Information (Cont'd)
IMPORTANT DISCLOSURE INFORMATION (CONT’D) PEOPLE’S REPUBLIC OF CHINA This document and the related documents do not and are not intended to constitute a sale, an offer to sell or a solicitation of an offer to buy, directly or indirectly, any securities in the People’s Republic of China (for the purp
Blackstone Loan Financing — Q3 2021 Earnings Presentation on 6ix