Blackstone And Element Form Strategic Funding Partnership

(RTTNews) - Blackstone Credit & Insurance, a division of Blackstone Inc. (BX), announced a strategic funding partnership with Element Fleet Management Corp. (TSX:EFN) involving a CAD $500 million portfolio of Canadian fleet lease receivables.

This arrangement provides Element with off-balance sheet benefits, optimizing and diversifying its funding strategy while reinforcing the strength of its asset origination platform and supporting growth initiatives.

Heath Valkenburg, Incoming EVP & CFO at Element, highlighted the partnership's role in enhancing funding strategies to better serve clients and seize market opportunities.

Aneek Mamik, Head of Financial Services for Asset-Based Finance at Blackstone Credit & Insurance, emphasized Blackstone's commitment to supporting businesses through asset-based financing, reinforcing its role in driving real-economy investments.

Thursday, BX closed at $157.39, down 1.30%, and declined further to $152.92 in after-hours trading, a 4.07% drop on the NYSE.