Blackstone Inc. · NYSE:BX
Blackstone — Blackstone Loan Financing — Q2 2021 Earnings Presentation
72 slides from Blackstone's earnings presentation, Jun 30, 2021
Slide 1: Blackstone Loan Financing Limited
Blackstone Loan Financing Limited AS OF 30 JUNE 2021
Slide 2: Table of Contents
TABLE OF CONTENTS I. BGLF Overview 2 II. BCF Overview 6 III. Second Quarter 2021 Results 9 IV. Performance 16 V. Portfolio Activity and Outlook 20 VI. Market Overview 34 VII. BCF Sensitivity Analysis 43 VIII. Additional Information 52 IX. Key Risk Factors 58 X. Important Disclosure Information 61 Bl
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) 20.0% 18.3% ▪ Leveraged exposure to European and US floating rate 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) €417.0 million €706.4 million €18.6 mil
Slide 7: II. BCF Overview
II. BCF Overview Blackstone | 6
Slide 8: BCF: 2Q '21 Summary Performance
BCF: 2Q ’21 SUMMARY PERFORMANCE 10.18% 10.68% €73 €1,152M 2Q ROI ann.(1) LTM ROI(2) 2Q ’21 BCF change in BCF net assets net assets 1.97% 5.4x €417M €725M NIM(3) debt-to-equity(4) BGLF net assets BCF EUR net assets Net Assets as of 30 June 2021. (1) 2Q BCF Return on Investment (“ROI”) annualised: cal
Slide 9: Blackstone Corporate Funding (BCF) Structure
BLACKSTONE CORPORATE FUNDING (“BCF”) STRUCTURE Public Shareholders Private Unitholders 470 million shares: ▪ €877 million committed capital ▪ 91% third parties (427 million) ▪ €30 million undrawn capital ▪ 9% Blackstone (43 million) BGLF was awarded Best closed-end CLO Fund by BGLF BCF EUR Creditflu
Slide 10: III. Second Quarter 2021 Results
III. Second Quarter 2021 Results Blackstone | 9
Slide 11: Second Quarter 2021 Results
SECOND QUARTER 2021 RESULTS ▪ Total return of 6.7% in 2Q ’21 and 10.6% YTD, with a distribution yield of 9.99%. 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 June 2021, there was € 30 million of undrawn committed capital (€15 million called on 1 July 2021) ▪ Debt-to-equity ratio of 5.4x through financing structures as of 2Q’ 21, compared to 7.4x as of 1Q ’21, largely driven by declining aggregate liability balances from amor
Slide 13: BGLF Earnings & Distributions
BGLF EARNINGS & DISTRIBUTIONS ▪ BGLF Distribution yield of 9.52%, as of 30 June 2021(1) ▪ BGLF’s net distributable earnings exceeded its declared dividends by 33% over the last 12 months, with any retained net earnings being available for share repurchases, reinvestment, and dividends going forward
Slide 14: BCF Investment Activity
BCF INVESTMENT ACTIVITY ▪ Aimed to reposition the portfolio towards reopening themed names and traded up in spread, maintaining sufficient flexibility to selectively rotate the portfolio around pockets of market volatility ▪ In the second quarter, €3.2 billion of assets purchased and €1.5bn of asset
Slide 15: BCF Portfolio Composition
BCF PORTFOLIO COMPOSITION ▪ Diversified portfolio of 699 issuers invested across multiple sectors, geographies, and vintages ▪ Portfolio of primarily senior secured and floating rate assets Country Allocations Moody’s Rating Distribution Others >Ba2 5.0% 15.6% 4.4% Ba2 4.7% 4.9% Luxembourg Ba3 9.0%
Slide 16: BCF Investment Activity
BCF INVESTMENT ACTIVITY ▪ WAC on EUR CLOs increased as a result of amortising transactions and a previously reset CLO where WAC increased (although the reset was accretive to IRR). US CLO WAC decreased as a result of reset and refinancing activity. We expect a similar trend across the portfolio in 2
Slide 17: IV. Performance
IV. Performance Blackstone | 16
Slide 18: 2Q '21 Return Analysis
2Q ’21 RETURN ANALYSIS BGLF’s total net (NAV) return for 2Q ’21 was 6.66% Contributors to Total Return Directly EUR CLO USD CLO USD CLO BCF Cash BCF BGLF Held Loans Income Notes Income Notes Warehouses & Expenses 8% 0.25% 2.44% 4.35% 0.05% 0.05% 6.84% 0.07% 6.66% 7% -0.17% -0.20% -0.25% 6% 1.91% 5%
Slide 19: Year to Date 2021 Return Analysis
YEAR TO DATE 2021 RETURN ANALYSIS BGLF’s YTD total net (NAV) return was 10.59% Contributors to Total Return Directly EUR CLO USD CLO USD CLO BCF Cash BCF BGLF Held Loans Income Notes Income Notes Warehouses & Expenses 12% 0.54% 11.07% 0.15% 2.08% 6.06% 0.08% 0.08% 0.11% 10.59% -0.35% -0.58% 10% 3.98
Slide 20: BGLF Total Returns Since Inception
BGLF TOTAL RETURNS SINCE INCEPTION 66.11% NAV and 52.73% share price cumulative total return since inception Versus 26.06% and 31.90% for European loans and US loans, respectively Annualised Net Total Return 40% 35% 31.2% 30% 25% 20% 18.3% 15% 11.4% 11.7% 10.1% 9.5% 10% 7.8% 7.5% 7.7% 7.6% 6.7% 6.6%
Slide 21: V. Portfolio Activity and Outlook
V. Portfolio Activity and Outlook Blackstone | 20
Slide 22: Second Quarter 2021 Portfolio Activity and Outlook
SECOND QUARTER 2021 PORTFOLIO ACTIVITY AND OUTLOOK Portfolio trading activity focused on protecting investor capital but with flexibility for portfolio rotation to capture emerging trends and to optimise portfolio metrics ▪ European CLOs repositioned risk into market strength, selectively re-allocat
Slide 23: Second Quarter 2021 Portfolio Activity and Outlook (Cont'd)
SECOND QUARTER 2021 PORTFOLIO ACTIVITY AND OUTLOOK (CONT’D) Owing to improving credit fundamentals, a benign default environment, relatively low CLO liability spreads and continued demand for CLO debt, conditions for CLO creation remain favourable ▪ As such, BCF priced two new US CLOs and one new Eu
Slide 24: New Securitisations, Resets, and Refinancings – Q2 '21
NEW SECURITISATIONS, RESETS, AND REFINANCINGS – Q2 ’21 New 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 ari
Slide 25: Redeemed Transactions – Q2 '21
REDEEMED TRANSACTIONS – Q2 ’21 Redeemed Transactions ▪ During May 2021, the decision was made to redeem the Orwell Park CLO, which was economically favourable when compared with the option of a reset ▪ Stratus 2020-2, a static CLO issued just after the market reopened in 2020, was also redeemed in J
Slide 26: Subsequent Events – BCF Portfolio Activity
SUBSEQUENT EVENTS – BCF PORTFOLIO ACTIVITY CLO Refinancing / Reset ▪ In July 2021, the Buckhorn Park CLO (USD) was reset after exiting its non-call period earlier this year, reducing the WACC by 36 basis points and extending its reinvestment period by two and a half years. As with the original vinta
Slide 27: Summary of Investment Portfolio: BCF Portfolio
SUMMARY OF INVESTMENT PORTFOLIO: BCF PORTFOLIO ▪ Relative portfolio positioning to US CLOs increased due to addition of two new issue CLOs and redemption of European CLO. Directly held loan balance increased to do CLO ramp ▪ Increase in portfolio WA NIM driven by USD CLOs and refinancing of BCF lend
Slide 28: CLO Securitisation Performance by Vintage
CLO SECURITISATION PERFORMANCE BY VINTAGE ▪ CLO securitisations continue to generate positive, uninterrupted cashflows ▪ The 2Q ’21 distribution slightly declined quarter on quarter to one-time expenses incurred during refinancing or reset, amortising deals, income not replaced from sold or redeemed
Slide 29: BCF Historical Default and Recovery
BCF HISTORICAL DEFAULT AND RECOVERY ▪ Quarterly default loss rate of 0.00% for BCF, versus 0.03% for European Loans and 0.16% for US loans 2Q ’21 Default Loss Rate Since Inception Default Loss Rate 0.20% 1.0% 0.85% 0.16% 0.8% 0.15% 0.6% 0.10% 0.38% 0.4% 0.05% 0.03% 0.2% 0.07% 0.00% 0.00% 0.0% BCF EU
Slide 30: Summary of Investment Portfolio
SUMMARY OF INVESTMENT PORTFOLIO BCF Look-through Portfolio 3Q '20 4Q '20 1Q’21 2Q’21 QoQ Trend(2) # Issuers / Facilities 675 / 937 680 / 952 691 / 979 699 / 981 Total Gross Par Exposure (€M) 20,542 20,064 19,799 20,511 WA Spread 3.48% 3.46% 3.45% 3.49% WA Base Rate 0.24% 0.27% 0.25% 0.26% WA Coupon
Slide 31: 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 6 190 5,783 Retail (Global Petrol Stations) United Kingdom
Slide 32: European CLO Securitisation Investment Details
EUROPEAN CLO SECURITISATION INVESTMENT DETAILS ▪ Defaulted asset balances are currently very low within the portfolio 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 C
Slide 33: US CLO Securitisation Investment Details (Cont'd)
US CLO SECURITISATION INVESTMENT DETAILS (CONT’D) ▪ Defaulted asset balances are currently low within the portfolio 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 C
Slide 34: Vertical Retention Investments and Redeemed CLOs
VERTICAL RETENTION INVESTMENTS AND REDEEMED CLOs 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
Slide 35: VI. Market Overview
VI. Market Overview Blackstone | 34
Slide 36: Market Overview
MARKET OVERVIEW US and European leveraged loans market performed well during 2Q ’21 as lower rated assets and re-opening themed names again dominating performance, with an additional tailwind from mostly positive economic data over the quarter ▪ As such, European and US leveraged loans returned 1.2%
Slide 37: Market Overview
MARKET OVERVIEW Many of the same technical themes in the leveraged loans and CLO market persisted from the previous quarter. Demand for leveraged loans remained robust in 2Q ’21 from a combination of retail flows in the US, demand from global institutional investors, and new CLO creation globally. F
Slide 38: 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+445 400 5% 4.23% L+401 3% 3.90% 200 Mar-18 Nov-18 Jul-19 Mar-20 Nov-20 Jun-21 Mar-18 Nov-18 Jul-19 Mar-20 Nov-20 Jun-21 S&P LL Index S&P Euro LL Index S&P LL Index S&P Euro LL Index Average Bid
Slide 39: Global Loan Return by Quality
GLOBAL LOAN RETURN BY QUALITY Risk-on move has driven outsized CCC performance through June 2021 US Loan Returns by Quality European Loan Returns by Quality 40% 40% 34.5% 35% 35% 33.5% 30% 30% 25% 25% 20% 20% 15% 15% 10.8% 10% 10% 8.6% 6.5% 5.1% 5% 5% 0% 0% Mar-21 Oct-20 Aug-20 Jun-21 Jun-20 Jul-20
Slide 40: Industry Performance
INDUSTRY PERFORMANCE COVID-impacted sectors have led YTD performance, but signs of softening are emerging Top 10 Loan Sector Year-to-Date Returns (Europe) 6.3% 4.6% 4.1% 4.0% 3.7% 3.3% 3.2% 2.9% 2.9% 2.9% 2.8% Gaming/ Consumer Consumer Retail Energy Manufacturing Aerospace Broadcasting Forest CS WE
Slide 41: Global Loan Defaults
GLOBAL LOAN DEFAULTS Realised defaults are much lower than originally forecast at the start of the pandemic and continue to trend lower 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% 1.5% 1.4% 1.3% 1.3% 1.2% 1.0% 0.6% 0.5% 0.5% 0.4% 0.
Slide 42: CLO Issuance
CLO ISSUANCE CLO market tracking at record pace as YTD volume dominated by refinancing and resets Global quarterly CLO volume including refinancings and resets totalled $139 billion in 2Q ’21 versus $144 billion in 1Q ‘21 U.S. and European CLO Issuance ($/€ in billions) 300 $286 $285 250 $220 200 $1
Slide 43: Global CLO Arbitrage
GLOBAL CLO ARBITRAGE The average quarterly arb marginally decreased in 2Q ’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 44: VII. BCF Sensitivity Analysis
VII. BCF Sensitivity Analysis Blackstone | 43
Slide 45: 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 [20%], recovery rate [
Slide 46: Scenario Assumptions
SCENARIO ASSUMPTIONS Current (30-June-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 below ref
Slide 47: Projected Equity Distributions
PROJECTED EQUITY DISTRIBUTIONS Projected Equity Distributions (€ millions) 80 70 60 50 40 30 20 10 0 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Current (30-Jun-21) GFC Stress (Market) GFC Stress (Blackstone Credit) Source: Blackstone Credit, Intex. As of 30 May 2021. Note that equit
Slide 48: Projected Interest Diversion Cushions
PROJECTED INTEREST DIVERSION CUSHIONS Average Interest Diversion Cushions (%) 5.0 3.0 1.0 -1.0 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Current (30-Jun-21) GFC Stress (Market) GFC Stress (Blackstone Credit) Interest Diversion Failure Forecast Total # Deals: 46 Current (30-Jun-2021
Slide 49: US and European Default and CCC Projections
US AND EUROPEAN DEFAULT AND CCC PROJECTIONS US Projected CCCs European Projected CCCs (%) (%) 15.0 15.0 10.0 10.0 5.0 5.0 0.0 0.0 Current (30-June-21) GFC Stress (Market) GFC Stress (Blackstone Credit) Current (30-June-21) GFC Stress (Market) GFC Stress (Blackstone Credit) US Projected Defaults Euro
Slide 50: 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 ▪ Blackstone Credit’s liquid credit analysts updated their near-term (3, 6, and 12 month) views on t
Slide 51: 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 52: 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 53: VIII. Additional Information
VIII.Additional Information Blackstone | 52
Slide 54: 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% 10.59% European Loans 0.91% 0.81% 0.00% 0.43% 0.42% 0.31% 2.91% US Loans 1.27% 0.67% 0.06% 0.51% 0.52% 0.41% 3.48% 2020 BGLF € NAV 0.61% -1.10% -13.84%
Slide 55: BGLF Monthly € NAV Total Return Performance
BGLF MONTHLY € NAV TOTAL RETURN PERFORMANCE 30/06/2016 – 30/06/2017 – 30/06/2018 – 30/06/2019 – 30/06/2020 – 30/06/2017 – 30/06/2018 – 30/06/2019 – 30/06/2020 – 30/06/2021– Discrete Performance BGLF € NAV 7.21% 0.45% 14.18% -1.27% 18.31% European Loans 6.29% 2.12% 2.75% -2.01% 9.52% US Loans 7.49% 4
Slide 56: 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 57: 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 58: ESG Diligence
ESG DILIGENCE 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 company activities ▪ Carbon emission
Slide 59: IX. Key Risk Factors
IX. Key Risk Factors Blackstone | 58
Slide 60: 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 61: 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 62: X. Important Disclosure Information
X. Important Disclosure Information Blackstone | 61
Slide 63: 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 64: 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 65: 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 66: 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 67: 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 68: 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 69: 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 70: 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 71: 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 72: 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 — Q2 2021 Earnings Presentation on 6ix