New York, Feb 22, 2026, 14:12 EST — The session wrapped up with the market now closed.
- Blackstone finished Friday at $121.27, losing roughly 3.5%.
- Blackstone Infrastructure’s $11.5 billion TXNM Energy acquisition picked up approval from a U.S. energy regulator, and the antitrust waiting period in the U.S. has now run out.
- Private-credit mood and what regulators do next with the TXNM deal are front and center for investors as Monday gets underway.
Blackstone picked up a key regulatory approval Friday: TXNM Energy announced that FERC signed off on its sale to Blackstone Infrastructure, while the Hart-Scott-Rodino antitrust period also ran out. Shares of Blackstone didn’t catch a break, sliding $4.46, or 3.5%, to close at $121.27.
This clearance is important—big infrastructure projects often get stuck at the approval stage, so having a federal green light takes one delay off the table. Shares, though, have stayed in step with sector peers, and lately, investors are weighing a different set of factors for the group.
Pressure is mounting on listed alternative managers as investors question both liquidity and asset valuations in private markets. Private credit sits at the heart of this, driven by rapid growth, but selling these loans—typically issued by non-bank lenders—can be tricky.
Concerns resurfaced this week as Blue Owl’s move to tweak a retail-oriented debt fund sent shockwaves across the industry. “This is about the mismatch between the need for liquidity and what the managers can deliver,” said Steve Wyett, chief investment strategist at BOK Financial. Oppenheimer analyst Chris Kotowski pushed back, adding that “people have been jumping to unwanted conclusions.” Reuters
Albuquerque-based TXNM said the Federal Energy Regulatory Commission brushed aside concerns over Blackstone’s data-center and utility investments, relying on ring-fencing rules in Texas and New Mexico. TXNM noted it has secured the Federal Communications Commission’s blessing, plus a Texas Public Utility Commission settlement in its pocket. Still on the to-do list: approvals from the Nuclear Regulatory Commission and the New Mexico Public Regulation Commission.
Another SEC filing revealed director Ruth Porat picked up approximately 525 Blackstone shares on Feb. 17, paying between $130 and $131 each. That tally includes shares acquired through dividend reinvestment as well as a family partnership. Insider buying often flies under the radar, but stakes like this attract attention, especially if the stock’s struggling.
UBS dropped its price target for Blackstone on Friday, lowering it to $137 from $171 but sticking with a neutral rating, MT Newswires said. Shares of Blackstone have fallen around 6.6% in the last five sessions, MarketScreener data show.
Tone on private credit has grown noticeably sharper in recent days. Mohamed El-Erian, the former Pimco chief, posed the question: “Is this a ‘canary-in-the-coalmine’ moment, similar to August 2007?” Investopedia
Even with a regulatory green light, Blackstone isn’t shielded if private-credit troubles escalate—think higher defaults, fire sales, or investors pulling out quicker than assets can be sold. As for the TXNM deal, additional sign-offs might tack on new requirements or delays, which can take the shine off, positive headlines or not.
Macro takes a back seat for now. The BEA’s schedule lists March 13 for the next personal income and outlays report—the one that features the Fed’s go-to inflation metric, the PCE price index. That update lands the same day as the second reading on Q4 GDP. Eyes then turn to the Fed’s policy meeting, set for March 17-18.
Blackstone expects to wrap up the TXNM acquisition in the back half of 2026, pending sign-offs and standard closing steps. But for Blackstone shares, attention shifts to Monday’s open—traders are watching to see if private-credit jitters subside or ripple through the sector again.
