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VoltaGrid Announces $1 Billion Strategic Equity Investment from Blackstone and Halliburton to Fund Growth and Aquisition of Propell

Blackstone

Investment to Accelerate Buildout of Behind-the-Meter Power Generation Platform for AI Data Centers

HOUSTON – VoltaGrid today announced that it has signed agreements for a $1.0 billion strategic equity investment from funds managed by Blackstone Tactical Opportunities (“Blackstone” or “Tac Opps”) and Halliburton Company. The investment is composed of a $775 million primary capital raise and a $225 million secondary purchase from existing investors.

Proceeds of the capital raise will be used to accelerate deployment of VoltaGrid’s behind-the-meter power generation solutions for data centers, microgrids, and industrial applications.

In addition to the investment, VoltaGrid has signed a definitive agreement to acquire Propell Energy Technology Ltd. and its affiliates (collectively, “Propell”), a key VoltaGrid supplier.

Both transactions are subject to customary closing conditions and are expected to close in mid-2026.

Strategic Benefits of Propell Acquisition

The acquisition of Propell represents a transformative step in VoltaGrid’s evolution into a fully integrated power generation platform and offers several strategic benefits:

  • VoltaGrid and Propell have historically worked hand-in-hand on technology development. Propell is a key partner in the manufacturing of the proprietary high-inertia QPac system developed specifically for AI data centers. We expect the combined platform will accelerate our ability to bring new technologies to market and develop customized technical solutions for demanding and evolving AI data center power
  • The transaction is expected to materially reduce execution risk across VoltaGrid’s ~7.5 GW order book between now and 2030 by strengthening supply chain access and control.
  • Founded in 1978, Propell has spent decades developing a talented and innovative workforce and manufacturing capacity across multiple power systems, including reciprocating engines and turbine technologies.
  • Propell has approximately 1,000 employees in the USA and Canada that VoltaGrid will leverage to bring integrated R&D, manufacturing, integration services and turnkey after-sales service. This includes OEM-direct service, a dedicated field team, and a meaningful parts distribution function

Together, these benefits are expected to further enhance VoltaGrid’s leading product development, drive continued on-time and on-budget delivery and improve the Company’s full cycle return on capital.

As part of the transaction, VoltaGrid will immediately invest in expanding Propell’s existing facilities in Granbury, Texas by building two additional next-generation automated manufacturing plants. This is expected to grow its capabilities to ~300 MW per month of capacity through a combination of reciprocating engines and turbines.

Management and Investor Commentary

Nathan Ough, Founder and Chief Executive Officer of VoltaGrid, said: “This partnership with Blackstone is a powerful endorsement of the platform we have built and the role VoltaGrid is playing in delivering the energy infrastructure of the AI era. Blackstone’s scale and sector expertise make them an ideal partner as we accelerate the deployment of our behind-the-meter power solutions to meet unprecedented customer demand. The acquisition of Propell adds proven engineering and integration capabilities that will further extend our technology and operational leadership as we continue to scale.”

William Nicholson, Managing Director at Blackstone, said: “VoltaGrid is a highly differentiated platform addressing one of the most important infrastructure needs of the AI era: reliable, rapidly deployable power. This investment is a strong example of Tac Opps’ focus on providing flexible, scaled capital to exceptional entrepreneurs and businesses operating in Blackstone’s highest-conviction investment themes. We are excited to partner with VoltaGrid and its existing shareholders as the Company expands its platform to meet significant customer demand.”

Jeff Miller, President and CEO at Halliburton, said: “This investment reflects our shared focus on long-term solutions for the world’s most demanding power environments, and advances VoltaGrid’s ability to deliver reliable, distributed power at scale.”

Advisors
Goldman Sachs & Co. LLC acted as financial advisor to VoltaGrid. Kirkland & Ellis LLP and Sidley Austin LLP are serving as legal advisors to VoltaGrid. Morgan Stanley acted as lead financial advisor to Blackstone and Lazard also advised Blackstone. Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone. Deloitte Corporate Finance acted as financial advisor and Mogan Daniels Slager LLP as legal advisors to Propell.

About VoltaGrid
VoltaGrid is an advanced energy management and generation company delivering firm, off-grid power solutions for some of the world’s most demanding applications. Founded in 2020 and headquartered in Houston, Texas, VoltaGrid provides behind-the-meter generation, portable power, CNG fuel supply, infrastructure, and energy management services to data centers, AI infrastructure, utilities, and industrial customers across North America and beyond.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Halliburton
Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Connect with us on LinkedIn, YouTube, Instagram, and Facebook.

Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company, Blackstone and Halliburton’s current views with respect to, among other things, the Company’s operations and financial performance, and the benefits of the strategic equity investment and acquisition referred to herein. You can identify these forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,” “leads,” “forecast,” “possible” or the negative version of these words or other comparable words. These statements are not guarantees of future performance and involve a number of assumptions, risks, and uncertainties that could cause actual results to differ materially from expected results. These statements speak only as of the date of this release, and the Company, Blackstone and Halliburton undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

The important factors that could cause results to differ include but are not limited to those described under the section entitled “Risk Factors” in Blackstone’s Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in its subsequent filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Blackstone’s other subsequent filings.

Media Contacts

For VoltaGrid
Krasen Chervenkov – Krasen.Chervenkov@voltagrid.com

For Blackstone
Hallie Dewey – Halliedewey@blackstone.com

For Halliburton
For Investors: David Coleman – investors@halliburton.com – 281-871-2688
For Media Relations: Alexandra Franceschi – PR@halliburton.com – 281-871-3602

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Blackstone Real Estate Debt Strategies Launches Homebuilder Lending Platform

Blackstone

Expects to Support Construction of over 50,000 New Homes Annually

New York – May 11, 2026 – Blackstone (NYSE: BX) today announced that Blackstone Real Estate Debt Strategies (“BREDS”) has launched a lending platform that will provide much needed capital and flexibility to homebuilders, and expects to enable the construction of over 50,000 for-sale homes across the United States annually.

This lending platform is supported by BREDS portfolio company, Brio Homebuilder Solutions, as well as partnerships with third parties. This commitment comes at a time when the U.S. is facing a critical housing shortage. Fewer homes are being built today than in 1960, despite the U.S. population nearly doubling.

Tim Johnson, Global Head of Blackstone Real Estate Debt Strategies, said: “America needs more homes, and we are proud to be part of the solution. Our homebuilder lending platform will help deliver thousands of new homes across the United States, directly addressing the critical housing supply gap in communities where people want to live.”

This platform builds on Blackstone Real Estate’s longstanding commitment to providing high-quality, affordable housing. Tricon Residential, a Blackstone Real Estate portfolio company, has developed or is developing ~64,000 single-family homes and home sites. Blackstone Real Estate’s affordable housing portfolio company, April Housing, is on track to be the largest preserver of affordable housing in 2026. Together with Blackstone, April Housing has already preserved the affordability of over 3,000 apartments and invested over $300 million to improve its communities through its newly launched resyndication program.

About Blackstone Real Estate Debt Strategies
Blackstone Real Estate Debt Strategies (“BREDS”) is the largest alternative asset manager of real estate credit with $78 billion of investor capital under management. Serving institutional, insurance, and individual investors, BREDS originates loans and makes debt investments across global private and public real estate credit markets and across the capital structure and risk spectrum. BREDS also manages Blackstone Mortgage Trust (NYSE: BXMT), a publicly-traded commercial mortgage REIT, and is a fully integrated part of the Blackstone Real Estate platform, the largest owner of commercial real estate globally.

Contacts

Blackstone
Claire Keyte
Claire.Keyte@Blackstone.com

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Blackstone to Acquire Skroutz, Greece’s Leading Online Marketplace, from CVC

Blackstone

Investment to support continued growth and European expansion

LONDON, UK & ATHENS, GREECE – 11 May 2026 – Blackstone (NYSE: BX), the world’s largest alternative asset manager, announced today that funds managed by its private equity business have entered into a definitive agreement to acquire a majority stake in Skroutz (the “Company”), the leading online marketplace in Greece, from CVC Capital Partners Fund VII.

Skroutz is the leading e-commerce platform in Greece, offering more than 12 million products from approximately 9,000 merchants to around 2.5 million active users. Founded in 2005, the Company operates a vertically integrated platform that combines its marketplace with proprietary last-mile logistics, fulfilment services, a licensed fintech offering, and a growing retail media business.

Skroutz’s founders will sell a portion of their shareholding as part of the transaction but retain a stake and continue to lead the business. George Chatzigeorgiou will remain CEO.

Over recent years Skroutz has expanded beyond its core Greek market, establishing a presence in Cyprus and more recently expanding into Romania and Bulgaria, as it looks to broaden its footprint across Southeast Europe. Greece has been one of the fastest-growing European economies in recent years, with real GDP per capita growth consistently above the eurozone average. E-commerce penetration in Greece and Southeast Europe remains lower than across Western Europe, which the firm believes creates meaningful room for growth as those markets develop.

Alexander Walsh, Senior Managing Director at Blackstone, said: “This investment builds on our conviction in digital consumer platforms, where we believe e-commerce penetration across Europe will continue to drive meaningful growth. George and the Skroutz team have built a standout platform with a powerful brand, which we believe is well placed to capture this growth opportunity across Greece and Southeastern Europe. We look forward to partnering with them to work towards scaling the business further.”

Alex Fotakidis, a Managing Partner and Head of CVC Greece, said: “We are proud of all that Skroutz has achieved during our productive partnership. Together with the Founders and management team, we have made significant investments in infrastructure, merchant capabilities and customer experience, and successfully evolved from a price-comparison platform into Greece’s leading e-commerce marketplace. We believe Skroutz is well-positioned to continue its growth journey with Blackstone.”

George Chatzigeorgiou, President and CEO of Skroutz, said: “This marks a significant new chapter for Skroutz. Since its launch in 2005, the company has undergone a substantial journey of transformational growth. I would like to express my sincere gratitude to CVC for its invaluable support over the past six years. During this period, Skroutz successfully evolved into a pure, verticalised online marketplace, further solidifying its leadership position. We are equally pleased to partner with Blackstone, whose strong investing experience in online marketplaces and digital platforms makes it an excellent fit for our future. As we build on the foundation we have created, Blackstone will help accelerate our next stage of innovation and growth. I would like to thank my co-founders, the entire Skroutz team, and our partners and users for the confidence they have placed in us.”

Blackstone has a proven track record investing in digital consumer and marketplace businesses, including Adevinta, the world’s largest online classifieds platforms, and Property Finder, a leading property portal in the Middle East and North Africa. These investments reflect the firm’s conviction in technology-enabled platforms with leading market positions that benefit from long-term secular tailwinds.

The transaction is expected to close in H2 2026, subject to regulatory approvals.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Blackstone Contact
Matt Thomas
Matthew.Thomas@blackstone.com
+44 7350 445003

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Bain Capital Specialty Finance, Inc. Announces March 31, 2026 Financial Results and Declares Second Quarter 2026 Dividend of $0.42 per Share

BainCapital

BOSTON–Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced financial results for the first quarter ended March 31, 2026, and that its Board of Directors (the “Board”) has declared a dividend of $0.42 per share for the second quarter of 2026.

“BCSF’s credit fundamentals remained sound across our portfolio with stable, low non-accruals and attractive net investment income that continued to cover our dividend,” said Michael Ewald, Chief Executive Officer of BCSF. “Despite market volatility and a challenging macroeconomic backdrop, we maintained a disciplined and selective approach to new investment activity, continuing to focus on structures that provide strong lender controls. Given Bain Capital’s longstanding presence and expertise in the core middle market, we believe BCSF remains well-positioned to navigate the current market environment through its predominantly first lien portfolio, broad diversification across industries, and durable balance sheet.”

Quarterly Highlights

  • Net investment income (NII) per share was $0.42, equating to an annualized NII yield on book value of 10.0%(1);
  • Net income per share was $0.05, equating to an annualized return on book value of 1.2%(1);
  • Net asset value per share as of March 31, 2026 was $16.86, as compared to $17.23 as of December 31, 2025;
  • Gross and net investment fundings were $243.2 million and $(12.2) million, respectively; ending net debt-to-equity was 1.28x, as compared to 1.24x as of December 31, 2025(2);
  • Investments on non-accrual represented 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively, as of March 31, 2026, down from 1.5% and 0.8% of the total investment portfolio at amortized cost and fair value, respectively, as of December 31, 2025;
  • During the quarter, the Company closed an offering of $350.0 million aggregate principal amount of 5.950% unsecured notes due 2031 (the “March 2031 Notes”). In connection with these notes, the Company entered into an interest rate swap agreement to receive a fixed interest rate of 5.950% per annum and pay a floating interest rate of SOFR plus 2.28% per annum; and
  • Subsequent to quarter-end, the Company’s Board of Directors declared a dividend of $0.42 per share for the second quarter of 2026 payable to stockholders of record as of June 15, 2026(3).

Selected Financial Highlights

($ in millions, unless otherwise noted)

Q1 2026

Q4 2025

Net investment income per share

$

0.42

$

0.46

Net investment income

$

27.4

$

29.7

Earnings per share

$

0.05

$

0.43

Regular dividends per share declared and payable

$

0.42

$

0.42

Special dividends per share declared and payable

$

–

$

0.18

($ in millions, unless otherwise noted)

As of


March 31, 2026

As of


December 31, 2025

Total fair value of investments

$

2,470.8

$

2,508.4

Total assets

$

2,601.7

$

2,662.6

Total net assets

$

1,093.6

$

1,117.4

Net asset value per share

$

16.86

$

17.23

Portfolio and Investment Activity

For the three months ended March 31, 2026, the Company invested $243.2 million in 107 portfolio companies, including $123.6 million in 13 new companies, $110.6 million in 93 existing companies and $9.0 million in SLP. The Company had $255.4 million of principal repayments and sales in the quarter, resulting in net investment fundings of $(12.2) million.

Investment Activity for the Quarter Ended March 31, 2026:

($ in millions)

Q1 2026

Q4 2025

Investment Fundings

$

243.2

$

167.9

Sales and Repayments

$

255.4

$

193.2

Net Investment Activity

$

(12.2

)

$

(25.3

)

As of March 31, 2026, the Company’s investment portfolio had a fair value of $2,470.8 million, comprised of investments in 212 portfolio companies operating across 30 different industries.

Investment Portfolio at Fair Value as of March 31, 2026:

Investment Type

$ in Millions

% of Total

First Lien Senior Secured Loan

$

1,631.1

66.0

%

Second Lien Senior Secured Loan

30.1

1.2

Subordinated Debt

81.7

3.3

Preferred Equity

165.1

6.7

Equity Interest

167.3

6.8

Warrants

0.8

0.0

Investment Vehicles

394.7

16.0

Subordinated Note in ISLP

190.7

7.7

Equity Interest in ISLP

31.6

1.3

Subordinated Note in SLP

166.9

6.8

Preferred and Equity Interest in SLP

5.5

0.2

Total

$

2,470.8

100.0

%

As of March 31, 2026, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.9%, respectively, as compared to 10.8% and 10.9%, respectively, as of December 31, 2025(4)(5). 92.6% of the Company’s debt investments at fair value were in floating rate securities.

As of March 31, 2026, six portfolio companies were on non-accrual status, representing 1.4% and 0.6% of the total investment portfolio at amortized cost and fair value, respectively.

As of March 31, 2026, ISLP’s investment portfolio had an aggregate fair value of $711.9 million, comprised of investments in 40 portfolio companies operating across 17 different industries. The investment portfolio on a fair value basis was comprised of 94.0% first lien senior secured loans, 0.7% second lien senior secured loans and 5.3% equity interests. 100% of ISLP’s debt investments at fair value were in floating rate securities.

As of March 31, 2026, SLP’s investment portfolio had an aggregate fair value of $1,599.1 million, comprised of investments in 106 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 99.7% first lien senior secured loans and 0.3% second lien senior secured loans. 100.0% of SLP’s debt investments at fair value were in floating rate securities.

Results of Operations

For the three months ended March 31, 2026 and December 31, 2025, total investment income was $66.2 million and $68.2 million, respectively.

Total expenses (before taxes) for the three months ended March 31, 2026 and December 31, 2025 were $37.9 million and $37.7 million, respectively.

Net investment income for the three months ended March 31, 2026 and December 31, 2025 was $27.4 million or $0.42 per share and $29.7 million or $0.46 per share, respectively.

During the three months ended March 31, 2026, the Company had net realized and unrealized losses of $24.0 million.

Net increase in net assets resulting from operations for the three months ended March 31, 2026 was $3.4 million, or $0.05 per share.

Capital and Liquidity

As of March 31, 2026, the Company had total principal debt outstanding of $1,467.0 million, including $195.0 million outstanding in the Company’s Sumitomo Credit Facility, $272.0 million outstanding of the debt issued through BCC Middle Market CLO 2019-1 LLC, $300.0 million outstanding in the Company’s senior unsecured notes due October 2026, $350.0 million outstanding in the Company’s senior unsecured notes due March 2030, and $350.0 million outstanding in the Company’s senior unsecured notes due March 2031.

For the three months ended March 31, 2026, the weighted average interest rate on debt outstanding was 4.6%, as compared to 4.6% for the three months ended December 31, 2025.

As of March 31, 2026, the Company had cash and cash equivalents (including foreign cash) of $16.6 million, restricted cash and cash equivalents of $17.6 million, $34.6 million of unsettled trades, net of receivables and payables of investments, and $660.0 million of capacity under its Sumitomo Credit Facility. As of March 31, 2026, the Company had $442.6 million of undrawn investment commitments.

As of March 31, 2026, the Company’s debt-to-equity and net debt-to-equity ratios were 1.34x and 1.28x, respectively, as compared to 1.32x and 1.24x, respectively, as of December 31, 2025(3).

Endnotes

(1)

Net investment income yields and net income returns are calculated on average net assets, or book value, for the respective periods shown.
(2)

Net debt-to-equity represents principal debt outstanding less cash and cash equivalents and unsettled trades, net of receivables and payables of investments.
(3)

The second quarter dividend is payable on June 29, 2026 to stockholders of record as of June 15, 2026.
(4)

The weighted average yield is computed as (a) the annual stated interest rate or yield earned on the relevant accruing debt and other income producing securities plus amortization of fees and discounts on the performing debt and other income producing investments, divided by (b) the total relevant investments at amortized cost or fair value. The weighted average yield does not represent the total return to our stockholders.
(5)

For non-stated rate income producing investments, computed based on (a) the dividend or interest income earned for the respective trailing twelve months ended on the measurement date, divided by (b) the ending amortized cost or fair value, as applicable. In instances where historical dividend or interest income data is not available or not representative for the trailing twelve months ended, the dividend or interest income is annualized.

Conference Call Information

A conference call to discuss the Company’s financial results will be held live at 8:30 a.m. Eastern Time on May 12, 2026. Please visit BCSF’s webcast link located on the Events & Presentations page of the Investor Resources section of BCSF’s website at http://www.baincapitalspecialtyfinance.com for a slide presentation that complements the Earnings Conference Call.

  • Participants are also invited to access the conference call by dialing one of the following numbers:
  • Domestic: 1-800-245-3047
  • International: 1-203-518-9765
  • Conference ID: BAIN

All participants will need to reference “Bain Capital Specialty Finance – First Quarter Ended March 31, 2026 Earnings Conference Call” once connected with the operator. All participants are asked to dial in 10-15 minutes prior to the call.

Replay Information:

An archived replay will be available approximately three hours after the conference call concludes through May 26, 2026 via a webcast link located on the Investor Resources section of BCSF’s website, and via the dial-in numbers listed below:

  • Domestic: 1-844-512-2921
  • International: 1-412-317-6671
  • Conference ID: 11161743

Bain Capital Specialty Finance, Inc.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share data)

As of

As of

March 31, 2026

December 31, 2025

(Unaudited)

Assets

Investments at fair value:

Non-controlled/non-affiliate investments (amortized cost of $1,925,871 and $1,891,513, respectively)

$

1,916,461

$

1,905,297

Non-controlled/affiliate investments (amortized cost of $7,504 and $7,504, respectively)

19,164

18,674

Controlled affiliate investments (amortized cost of $549,483 and $603,650, respectively)

535,173

584,470

Cash and cash equivalents

12,973

23,092

Foreign cash (cost of $3,026 and $2,477, respectively)

3,622

3,151

Restricted cash and cash equivalents

17,593

32,667

Collateral on derivatives

9,813

10,993

Deferred financing costs

3,285

3,543

Interest receivable on investments

35,091

38,023

Interest rate swap

4,979

7,976

Receivable for sales and paydowns of investments

38,101

28,856

Prepaid insurance

277

489

Unrealized appreciation on forward currency exchange contracts

224

—

Dividend receivable

4,920

5,354

Total Assets

$

2,601,676

$

2,662,585

Liabilities

Debt (net of unamortized debt issuance costs of $17,144 and $10,110, respectively)

$

1,454,657

$

1,470,796

Interest payable

10,910

12,376

Payable for investments purchased

3,527

2,110

Collateral payable on derivatives

4,760

12,907

Unrealized depreciation on forward currency exchange contracts

2,739

9,061

Base management fee payable

9,085

9,408

Incentive fee payable

5,618

5,877

Accounts payable and accrued expenses

16,825

12,910

Distributions payable

—

9,730

Total Liabilities

1,508,121

1,545,175

Commitments and Contingencies (See Note 10)

Net Assets

Common stock, par value $0.001 per share, 100,000,000,000 and 100,000,000,000 shares authorized, 64,868,507 and 64,868,507 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

65

65

Paid in capital in excess of par value

1,161,110

1,161,110

Total distributable loss

(67,620

)

(43,765

)

Total Net Assets

1,093,555

1,117,410

Total Liabilities and Total Net Assets

$

2,601,676

$

2,662,585

Net asset value per share

$

16.86

$

17.23

See Notes to Consolidated Financial Statements
Bain Capital Specialty Finance, Inc.

Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

For the Three Months Ended March 31,

2026

2025

Income

Investment income from non-controlled/non-affiliate investments:

Interest from investments

$

39,333

$

41,672

Dividend income

619

1,725

PIK income

8,705

6,606

Other income

1,476

2,833

Total investment income from non-controlled/non-affiliate investments

50,133

52,836

Investment income from non-controlled/affiliate investments:

Interest from investments

2

8

PIK income

—

17

Other income

21

42

Total investment income from non-controlled/affiliate investments

23

67

Investment income from controlled affiliate investments:

Interest from investments

10,033

9,148

Dividend income

5,983

4,786

PIK income

2

2

Total investment income from controlled affiliate investments

16,018

13,936

Total investment income

66,174

66,839

Expenses

Interest and debt financing expenses

20,252

18,904

Base management fee

9,085

9,068

Incentive fee

5,618

2,222

Professional fees

700

714

Directors fees

180

174

Other general and administrative expenses

2,069

2,571

Total expenses, net of fee waivers

37,904

33,653

Net investment income before taxes

28,270

33,186

Income tax expense, including excise tax

906

1,076

Net investment income

27,364

32,110

Net realized and unrealized gains (losses)

Net realized gain (loss) on non-controlled/non-affiliate investments

3,820

(20,986

)

Net realized loss on non-controlled/affiliate investments

—

(2,967

)

Net realized loss on controlled affiliate investments

(13,448

)

—

Net realized gain (loss) on foreign currency transactions

66

(249

)

Net realized loss on forward currency exchange contracts

(2,989

)

(2,405

)

Net change in unrealized appreciation on foreign currency translation

(135

)

435

Net change in unrealized appreciation on forward currency exchange contracts

6,546

(2,073

)

Net change in unrealized appreciation on non-controlled/non-affiliate investments

(23,194

)

23,993

Net change in unrealized appreciation on non-controlled/affiliate investments

490

(1,866

)

Net change in unrealized appreciation on controlled affiliate investments

4,870

2,555

Total net loss

(23,974

)

(3,563

)

Net increase in net assets resulting from operations

$

3,390

$

28,547

Basic and diluted net investment income per share of common stock

$

0.42

$

0.50

Basic and diluted increase in net assets resulting from operations per share of common stock

$

0.05

$

0.44

Basic and diluted weighted average common stock outstanding

64,868,507

64,676,192

See Notes to Consolidated Financial Statements

About Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through March 31, 2026, BCSF has invested approximately $9,975.9 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Forward-Looking Statements

This letter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.

Categories: News

Apollo Funds to Acquire Emerald and Questex to Create Leading North American B2B Events Platform

Apollo logo

Combination Under Private Ownership Would Bring Together Two Complementary Portfolios, Creating a Scaled Platform Positioned for Growth

NEW YORK, May 11, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have entered into separate definitive agreements to acquire Emerald Holding, Inc. (NYSE: EEX) (“Emerald”) and Questex, LLC (“Questex”), with the intention to combine the businesses to create a leading North American B2B experiential events and media platform, in an all-cash transaction.

Emerald and Questex together would create a scaled B2B events platform with approximately 160 events across complementary end markets, combining Emerald’s category-leading exhibitions with Questex’s differentiated events portfolio and 365-day digital engagement model. The combined business is expected to be well-positioned to drive organic growth and serve as a strategic partner of choice for founders and operators in the large and fragmented B2B events landscape.

Under the terms of the agreement with Emerald, Emerald stockholders will receive $5.03 per share in cash, representing a 42.1% premium to Emerald’s unaffected share price1, and implying an estimated closing enterprise value of approximately $1.5 billion. The Emerald Board of Directors unanimously approved the transaction. Onex, which beneficially owns over 90% of Emerald’s outstanding shares, has entered into a support agreement to vote in favor of the transaction. Upon completion of the transaction, Emerald’s shares will no longer trade on the New York Stock Exchange, and Emerald will become a private company.

“As AI and digital tools rapidly expand the ways professionals connect and share information, they are simultaneously elevating the value of trusted, in-person gatherings, where industries come together to do business, build relationships, and make consequential decisions,” said Shahid Bosan, Managing Director at Apollo. “Bringing together Emerald and Questex would create a scaled, highly complementary platform that is well positioned to capture that demand. We believe the combined business will benefit from the strength of both organizations’ teams, differentiated content, deep customer relationships, and proven 365-day engagement model, giving the platform a distinct ability to serve its communities year-round and drive sustained growth.”

“We are pleased to have reached this agreement with the Apollo Funds, which delivers compelling and immediate value to Emerald shareholders at a meaningful premium,” said Kosty Gillis, Onex Managing Director and Chairman of the Board of Emerald. “This is the result of a rigorous and comprehensive review of strategic alternatives that commenced last year, and the Board is confident Apollo is the right partner to take Emerald into its next chapter of growth.”

“Over the past several years, we have transformed the portfolio with a clear focus on higher-growth, market-leading brands, building a more diversified mix of events and the strongest portfolio in our history,” said Hervé Sedky, President and Chief Executive Officer of Emerald. “We are grateful to Onex for their partnership and support in building Emerald into what it is today. We believe the acquisition by Apollo Funds and the subsequent combination with Questex will provide the enhanced resources, strategic support, and long-term capital to accelerate our growth and deliver lasting value for our customers, employees, and stakeholders.”

Paul Miller, Chief Executive Officer of Questex, said, “We are excited to partner with Apollo and combine with Emerald to accelerate and scale our business model. Questex has built a differentiated experiential platform centered on year-round engagement and high-value customer communities, and we believe this combination creates a compelling opportunity to drive growth through innovation, digital integration, and strategic initiatives.”

The transaction is expected to be completed in the second half of 2026, subject to customary closing conditions and regulatory approvals.

Emerald Board Declares Quarterly Dividend

On May 8, 2026, the Emerald Board of Directors declared a dividend for the quarter ending June 30, 2026, of $0.015 per share, payable on June 1, 2026, to holders of Emerald’s common stock as of May 21, 2026.

Cancellation of Emerald’s First Quarter 2026 Earnings Conference Call

As a result of today’s announcement, Emerald has cancelled its first quarter 2026 earnings conference call and webcast scheduled for 8:30 a.m. Eastern Time today. For further information, please refer to the investor relations section of Emerald’s website at https://investor.emeraldx.com.

Advisors

Goldman Sachs & Co. LLC acted as the exclusive financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Emerald. Gibson, Dunn & Crutcher LLP acted as legal counsel to Questex. RBC Capital Markets and RAN Advisory acted as lead financial advisors and PJT Partners acted as financial advisor to the Apollo Funds. Sidley Austin LLP acted as legal counsel to the Apollo Funds.

About Emerald
Emerald Holding, Inc. is a leading U.S.-based B2B event organizer, empowering businesses year-round by expanding meaningful connections, developing influential content, and delivering powerful commerce-driven solutions. As the owner and operator of a curated portfolio of B2B events spanning trade shows, conferences, B2C showcases and a scaled Executive Peer Network platform. Emerald also delivers dynamic solutions across leading industries through its robust content and e-commerce marketplace. Emerald is a trusted partner for its thousands of customers, predominantly small and medium-sized businesses, playing a pivotal role in driving ongoing commerce through streamlined buying, selling, and networking opportunities. Powered by an experienced, talented and deeply engaged team, Emerald is fostering impactful engagement and delivering unparalleled market access with a commitment to driving business growth 365 days a year. For more: http://www.emeraldx.com

About Questex
Questex fuels exceptional business connections—where every buyer and seller interaction matters. Through live events enriched with data insights and active year-round digital communities, we deliver measurable results. It happens here.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

Cautionary Statement Concerning Forward-Looking Statements Regarding Emerald
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking information may be identified by such terms as “believes”, “expects”, “will”, “may”, and other similar expressions.  In particular, the forward-looking information contained in this press release includes statements regarding the proposed transaction described herein, including the proposed timing and steps contemplated in respect of the proposed transaction and approvals with respect thereto. These statements are based on the current expectations of Emerald’s management as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and other factors outside of Emerald’s control that may cause its business, industry, strategy, financing activities and the ability of the parties to complete the proposed transaction to differ materially. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Emerald’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings for a discussion of factors that may affect Emerald’s business performance. Emerald undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.

Contacts

For Emerald

Erica Bartsch
EVP, Strategy & Communications
Erica.Bartsch@Emeraldx.com

For Questex

Kate Spellman
Chief Commercial Officer
kspellman@questex.com

For Apollo

Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

1 The unaffected share price as of December 15, 2025, the trading day prior to Emerald announcing that it is considering strategic alternatives.

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Apax Funds make strategic investment in Sedex to accelerate impact, visibility and risk management across global supply chains

Apax
  • Investment reflects the growing importance of robust, data-driven supply chain risk management for businesses globally.
  • Apax to support Sedex’s expansion across markets, sectors and product capability as supply chain scrutiny intensifies globally.
  • Membership organisation SHL will set up a charitable foundation to further advance its original mission.
  • Existing minority investor LDC exits following a transformational three-year partnership.

 

Funds advised by Apax Partners LLP (“Apax”) have reached a definitive agreement to acquire a controlling stake in Sedex Information Exchange Ltd (SIEL/”Sedex”/”the Company”) – a global leader in supply chain risk management solutions – from Sedex Holdings Ltd (“SHL”), a membership organisation. SHL will retain a shareholding in SIEL under a new name, SHL Membership Ltd (SHLM).

The transaction marks a successful exit for LDC, the Company’s existing minority investor, whose 2023 investment helped Sedex evolve its data Platform, assessment tools and other solutions, supporting a more than doubling of revenue from 2022-2025.

Sedex was founded to make global supply chains more ethical and sustainable – to protect workers, reduce risk and drive lasting improvement across the industries and geographies that need it most. That purpose remains as important today as it was when the Company was first established in 2004. SHLM’s decision to retain a significant minority stake reflects its confidence that Sedex’s founding values will be strengthened under the Apax Funds’ ownership.

With LDC’s support, Sedex has implemented major initiatives, new products and feature enhancements for multi-tier supply chain visibility, site-level data, risk management and continuous improvement. These include a £20 million upgrade to the Sedex Platform, new supplier assessment tools and the launch of SMETA 7.0 – the most comprehensive evolution of the audit methodology in years.

Sedex also expanded its geographic footprint across key markets including the US, APAC and Europe, while launching a number of new product capabilities. Sedex now has 100,000 customers in 180 countries across 35 sectors including consumer goods, retail, and food and beverage, reflecting its importance as mission-critical infrastructure for enterprises to operate their supply chains more efficiently, resiliently and responsibly.

With supply chains under increasing scrutiny from regulators, investors and consumers, the investment will enable Sedex to further scale its Platform and assessment capabilities to enable deeper visibility and more effective risk management for the benefit of its customers and the broader supply chain ecosystem. It will do so by deepening penetration in core fast-moving consumer goods and retail markets, expanding into new sectors and geographies, broadening the product to cover a wider range of risk factors and deepening audit intelligence.

SHLM will continue to serve its founding mission of improving labour, environmental and other corporate responsibility practices in supply chains. It will use its net proceeds to continue to improve supply chain conditions globally, creating a charitable trust to progress targeted philanthropic investment in relevant initiatives. Upon completion, SHLM will actively engage and consult with its members to shape its activities.

Jon Hancock, CEO of Sedex, said: “Sedex has developed a uniquely powerful offering that equips companies around the world with the tools to manage risk, demonstrate improvement and drive responsible practices across the tiers, regions and facilities of complex supply chains. This investment enables us to further build on that foundation, strengthening our strategic partnership with customers, deepening our data capabilities and expanding our global reach, so we can better support customers in delivering responsible, resilient supply chains at scale.”

Steven Esom, Chair of the SHLM Board, said: “For over 20 years, we have brought our member businesses together to improve conditions across global supply chains, creating a shared approach that drives transparency, accountability and continuous improvement. We are excited for the next phase of our journey and look forward to sharing more with our members upon completion of the agreement process.”

Dan Gluckman, Investment Director at LDC, added: “Sedex’s journey over the past three years has been exceptional. Jon and his team have built a genuinely market-leading platform underpinned by unmatched site-level data, while expanding their global footprint and proving the commercial viability of supply chain risk management at scale. We’re proud to have backed management through this period of significant growth and innovation, and wish the business all the best in its new partnership with Apax.”

Anders Meyerhoff, Partner, and Thomas Crewe, Principal at Apax, said: “Sedex helps make supply chains more ethical, transparent and safe for the workers within them. That mission sits at the heart of why this is so compelling to us, and we see a genuine opportunity to deliver both strong returns and measurable, lasting impact.”

Edward Donkor, Partner at Apax, added: “We have long admired Sedex, and we look forward to partnering with the team to support the Company’s continued growth and to further strengthening the mission that sits at the core of everything the business does.”

The transaction is subject to customary closing conditions. Financial terms were not disclosed.

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CarbonCount Holdings 1 LLC to Issue $508 Million of 20-Year Fixed Rate Senior Unsecured Notes

KKR

ANNAPOLIS, Md. & NEW YORK–(BUSINESS WIRE)–HA Sustainable Infrastructure Capital, Inc. (“HASI”) (NYSE: HASI), a leading investor in sustainable infrastructure assets, and KKR, a leading global investment firm, today announced that CarbonCount Holdings 1 LLC (“CCH1”), a co-investment vehicle between HASI and KKR, has issued $508 million in aggregate principal amount of senior unsecured notes (the “Notes”) in a private offering. The fixed-rate amortizing notes will have a 20-year final maturity. The Notes were priced at a weighted average coupon of 6.29%. These Notes represent the second issuance of senior notes by CCH1, following its inaugural issuance in June 2025, which priced at a weighted-average coupon of 6.76%.

“We are excited to further expand the investment capacity of CCH1 to support the strong growth in investment activity we are experiencing and continue to enhance our capital efficiency,” said HASI Senior Managing Director of Syndications Dan McMahon. “Moreover, five new institutional investors participated in the offering, and spreads improved by more than 30 basis points, compared to the first issuance last year, reflecting how the quality of our underlying assets is translating into a lower cost of capital.”

“The strong investor reception of CCH1’s second issuance reflects the quality and diversity of the underlying asset base,” said Cecilio Velasco, Managing Director, KKR. “With more than $4 billion of investment capacity at CCH1, we are well-positioned to continue collaborating with HASI to deliver sustainable, reliable, and affordable energy infrastructure to meet the significant demand we see across the U.S.”

After deducting the estimated offering expenses, the net proceeds from the offering of the Notes are expected to be approximately $503 million. CCH1 intends to utilize the net proceeds to acquire, or invest in, new and/or existing sustainable infrastructure projects, in whole or in part.

Formed in May 2024 as a strategic partnership between HASI and KKR to invest in clean energy projects across the United States, CCH1 was established with an initial capital commitment of up to $2 billion over an 18-month period, and in December 2025, HASI and KKR each agreed to upsize their combined commitment to $3 billion, with each party committing an additional $500 million, and extend the investment period to the earlier of the end of 2027 or when all commitments have been utilized. With this transaction, CCH1’s investment capacity has been increased to more than $4 billion, and both parties continue to expect total investment capacity to reach nearly $5 billion based on the existing leverage targets.

Morgan Stanley and HASI Securities served as Joint Lead Placement Agents on the transaction.

The Notes were offered only to persons reasonably believed to be institutional accredited investors as defined in Rule 501(a)(1), (2), (3), (7), or (9) under the Securities Act of 1933 (the “Securities Act”) that are also “qualified purchasers” within the meaning of Section (2)(a)(51)(A) of the Investment Company Act of 1940. The Notes have not been, and are not required to be, registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an applicable exemption from the registration requirements of the Securities Act or any state securities laws.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About HASI

HASI is an investor in sustainable infrastructure assets advancing the energy transition. With more than $16 billion in managed assets, our investments are diversified across multiple asset classes, including utility-scale solar, storage, and onshore wind; distributed solar and storage; RNG; and energy efficiency. We combine deep expertise in energy markets and financial structuring with long-standing programmatic client partnerships to deliver superior risk-adjusted returns and measurable environmental benefits. HA Sustainable Infrastructure Capital, Inc. is listed on the New York Stock Exchange (Ticker: HASI). For more information, please visit hasi.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Forward-Looking Statements

Some of the information in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” “target,” or similar expressions are intended to identify such forward-looking statements. Statements regarding the issuance of the Notes and the timing and expected use of proceeds from the Notes, as well as statements regarding the potential impact of the issuance on CCH1 and its financial position, investment capacity, and strategy, are forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in each of the companies’ Annual Reports on Form 10-K (and, for HASI, as supplemented by its Form 10-K/A) for the companies’ fiscal years ended December 31, 2025, which were filed with the U.S. Securities and Exchange Commission (“SEC”), as well as in other reports that the companies file with the SEC.

Forward-looking statements are based on beliefs, assumptions, and expectations as of the date of this press release. HASI, KKR, and CCH1 disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events, or circumstances after the date of this press release.

 

Contacts

For HASI:
Aaron Chew
investors@hasi.com
410-571-6189

Kenny Gayles
media@hasi.com
443-321-5756

For KKR:
Liidia Liuksila
media@KKR.com
+1 (212) 750-8300

 

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Americold Realty Trust, Inc. and EQT Announce a $1.3 Billion North American Cold Storage Joint Venture

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eqt

Warehouse Interior 1

Americold Realty Trust (NYSE: COLD) (“Americold”), a global leader in temperature-controlled logistics, and EQT, a purpose-driven global investment organization, today announced the formation of a new joint venture with EQT’s Active Core Infrastructure fund (“EQT”) focused on the ownership, operation, and potential development of high-quality cold storage warehouse facilities in North America.

Under the terms of the agreement, Americold will contribute 12 cold storage facilities to the joint venture with an aggregate value in excess of $1.3 billion at inception. The facilities are located across the United States and comprise a total of approximately 124 million cubic feet of temperature-controlled capacity, with over 400,000 combined pallet positions. On a standalone basis, this joint venture is expected to be among the largest operators of cold storage facilities in North America. EQT will acquire a 70% interest in the joint venture, and Americold will retain a 30% equity interest and serve as day-to-day manager of the platform to ensure continuity of service and Americold’s proven operational excellence for customers. Americold expects to receive approximately $1.1 billion in net cash proceeds from the transaction, which is expected to be used to repay outstanding debt.

“This joint venture is an important strategic step for Americold, significantly strengthening our balance sheet, while aligning us with a strong partner in EQT who recognizes the intrinsic value of our mission-critical assets and the inherent growth opportunities in our business,” said Rob Chambers, CEO of Americold. “We believe this transaction reflects an attractive valuation for our assets, while positioning Americold to unlock additional value in the future as we look to grow this platform. This transaction is part of our multi-pronged strategy to drive disciplined long-term growth and superior returns for shareholders.”

Beyond the initial contributions to establish the joint venture, Americold and EQT expect the joint venture to serve as a long-term platform for future growth. EQT brings deep experience in temperature-controlled logistics, including through its ownership of one of Europe’s largest cold storage providers, and has a strong track record of scaling and developing essential infrastructure through an active approach to value creation. As part of the agreement, Americold will provide the joint venture with development support, leveraging its longstanding customer relationships and industry expertise to identify opportunities to develop strategically located assets that support key nodes in the cold chain.

“We are excited to partner with Americold to invest in a high-quality portfolio of truly mission-critical assets,” said Alex Greenbaum, Partner and Head of EQT Active Core Infrastructure. “We believe this platform is anchored by best-in-class cold storage assets serving blue chip customers and is well positioned for long-term growth. This investment aligns closely with our strategy of investing in core infrastructure assets with durable, predictable characteristics and clear opportunities for growth. We look forward to further developing, enhancing, and scaling the platform over time.”

“Americold is a leading global cold storage operator, with a high-quality platform, deep customer relationships, and a strong track record of operational excellence,” said Benjamin Bygott-Webb, Partner at EQT. “This partnership reflects EQT’s conviction in cold chain infrastructure as an essential, resilient sector with strong long-term fundamentals. Together, we are well-positioned to build on a strong foundation, pursuing disciplined growth and development opportunities while continuing to serve customers across critical points in the supply chain.”

The transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and regulatory approvals.

Eastdil Secured LLC served as Americold’s financial advisor on the transaction. J.P. Morgan Securities LLC and Morgan Stanley served as financial advisors to EQT and provided financing for the joint venture.  

Forward-Looking Statements

This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to consummate our joint venture with EQT on the terms or timeline currently anticipated, or at all, due to the failure to satisfy closing conditions, obtain necessary approvals or consents, or other factors beyond our control; failure to achieve the anticipated benefits, synergies or returns from our joint venture with EQT, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; difficulties in expanding our operations into new markets and products; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to implementation of the new ERP system; risks related to defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investment; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings, including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding the joint venture transaction with EQT. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. It also does not constitute a notice of debt repayment or redemption. Any offer or solicitation in respect of Americold or EQT Active Core Infrastructure will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration

Contacts:

Americold Realty Trust, Inc.

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

EQT 

EQT Press Office, press@eqtpartners.com

 

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About Americold Realty Trust, Inc.

Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, with a more than 120-year legacy of innovation and reliability. With more than 220 facilities across North America, Europe, Asia-Pacific, and South America – totaling approximately 1.4 billion refrigerated cubic feet – Americold ensures the safe, efficient movement of refrigerated products worldwide.

Our facilities are an integral part of the global food supply chain, connecting producers, processors, distributors, and retailers with tailored, value-added services supported by responsive and reliable supply chains. Leveraging deep industry expertise, smart technology, and sustainable practices, Americold delivers world-class service that creates lasting value for our customers and the communities we serve. Visit www.americold.com to learn more.

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

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Blackstone Life Sciences Invests $250 Million in Anagram Therapeutics to Advance Novel and Patient-Friendly Oral Enzyme Replacement Therapy for Pancreatic Insufficiency

Blackstone

People with exocrine pancreatic insufficiency currently face highly disruptive pill burden – ANG003 expected to only require one tablet per meal

NEW YORK and NATICK, Mass. – May 7, 2026 – Blackstone Life Sciences (“BXLS”) today announced a $250 million investment in Anagram Therapeutics (“Anagram”), a clinical-stage private biopharmaceutical company dedicated to improving the lives of people living with exocrine pancreatic insufficiency due to cystic fibrosis (“CF”), pancreatic cancer and related disorders. The investment will help fund the further development, approval and launch of Anagram’s ANG003, a novel orally delivered recombinant enzyme replacement therapy that has demonstrated positive clinical data in people with exocrine pancreatic insufficiency (“EPI”) due to CF. This community currently faces a highly disruptive pill burden, taking up to 40 pills daily. Additionally, ANG003 has the potential to be the first non-porcine extract product.

“We believe Anagram is well positioned to transform the treatment of pancreatic insufficiency, especially in patients of all ages who suffer from cystic fibrosis,” said Dr. Nicholas Galakatos, Global Head of Blackstone Life Sciences. “This is an excellent case study of our ownership strategy where we bring scale capital, deep domain expertise, and hands-on engagement to help address large unmet medical needs.”

“We would like to thank the Blackstone Life Sciences team for their support and expertise as we accelerate the development of ANG003 and other orally delivered enzymes for people living with rare diseases. We believe the clinical data generated from the ANG003-22-101 study in patients with EPI due to CF is compelling and has the potential to be a transformational treatment for people living with EPI,” said Robert Gallotto, President and CEO, Anagram. “We are excited to be working with the entire Blackstone Life Sciences team and would also like to acknowledge and express our gratitude to the CF Foundation and its President and CEO Dr. Michael Boyle for their continued support from the initial stages to advance ANG003, a much-needed treatment option for people with CF and others living with EPI.”

“The large unmet need in EPI is clear as gastrointestinal symptoms and global supply issues for existing porcine derived products continue to be a real problem. Patients today also face an enormous, disruptive pill burden, taking up to 40 pills a day to treat their EPI. We expect ANG003 to only require one tablet per meal which we believe will positively impact compliance and quality of life,” said Kiran Reddy, MD, Senior Managing Director, Blackstone Life Sciences. “ANG003 represents a meaningful advancement for the many patients affected by this condition, offering the potential to significantly reduce treatment burden while improving clinical outcomes. We are excited to work with the CF patient and clinical community.”

BXLS’ support follows over $30 million in funding from the Cystic Fibrosis Foundation that enabled much of the clinical and development work to date for ANG003.

ANG003 is a novel broad-spectrum orally delivered non-porcine enzyme replacement therapy being developed for people with CF and other conditions who also suffer from EPI. People with EPI do not produce enough pancreatic (digestive) enzymes to break down foods and absorb nutrients, which can lead to malnutrition, fatty acid abnormalities, profound gastrointestinal symptoms, a significant decrease in quality of life and reduced life expectancy. Gastrointestinal issues remain as one of the most burdensome challenges faced by people with CF. Anagram is initiating an international Phase 2 study with ANG003 after presenting positive data from an earlier clinical study in people with EPI due to CF.

About ANG003 and Exocrine Pancreatic Insufficiency
ANG003 is Anagram’s lead product for the treatment of exocrine pancreatic insufficiency (EPI) and malabsorption. ANG003 is a new class of broad-spectrum recombinant digestive enzyme replacement therapy, targeting some of the most challenging diseases in infants, children, and adults. ANG003 was engineered to be stable and immediately active in the gastrointestinal tract to maximize digestion and absorption. ANG003 contains lipase for fat malabsorption, protease for protein malabsorption, and amylase for carbohydrate malabsorption. EPI is a condition that is caused by reduced pancreatic enzymes, leading to impaired digestion, inadequate nutrient absorption, and associated with significantly diminished quality of life and life expectancy. People with EPI are currently treated with pancreatic enzyme replacement therapies (PERT) from pig pancreas glands that have a high treatment burden, requiring people to take up to 40 capsules per day. Pig-derived PERT require a significant amount of plastic coating to prevent it from being degraded in the stomach. PERT derived from pig pancreas glands continue to experience global product shortages. The current U.S. PERT market is approximately $2 billion annually.

About Blackstone Life Sciences
Blackstone Life Sciences (BXLS) is a leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, BXLS helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has $17 billion in assets under management.

About Anagram Therapeutics
Anagram Therapeutics, Inc., is a clinical-stage biopharmaceutical company developing novel, orally delivered enzyme therapeutics for the treatment of serious diseases caused by malabsorption syndromes and nutrient metabolism disorders, a group of conditions caused by enzyme deficiencies or genetic disorders that prevent the body from properly processing or absorbing certain fats, sugars, proteins, vitamins or other key nutrients. The company is leveraging proprietary enzyme technologies and expertise in gastrointestinal diseases to solve complex problems and advance a pipeline of products that can have a life-changing impact for people and their families living with cystic fibrosis and other rare diseases. ANG003, Anagram’s lead product for the treatment of malabsorption and exocrine pancreatic insufficiency, is a new class of broad-spectrum digestive enzyme replacement therapy in clinical trials in people with exocrine pancreatic insufficiency due to cystic fibrosis. Anagram is a privately held company headquartered in Natick, MA. To learn more, visit https://anagramtx.com/ or follow us on LinkedIn and X/Twitter.

Anagram Therapeutics® is a registered trademark of Anagram Therapeutics, Inc.

Contact

Blackstone
David Vitek
David.Vitek@blackstone.com
(212) 583-5291

Anagram Contact:
Kathryn Kilroy
kkilroy@anagramtx.com
(617) 466-3823

Anagram Media Contact:
Gina Cella
gcella@cellapr.com
(781) 799-3137

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Cegeka Closes 2025 With a Solid Foundation, Ready for Further Growth

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The international ICT group reports stable revenue of €1.28 billion in a cautious market, concludes a year of transition with structural measures designed to deliver long-term benefits, and prepares its next phase of growth under incoming CEO Koen Deryckere.

Hasselt, Belgium – May 7, 2026   Cegeka Group today reported full-year 2025 consolidated revenue of €1.28 billion, broadly stable compared with 2024, in an ICT market shaped by geopolitical uncertainty, extended client decision cycles and disciplined spending. Cash generation remained healthy and underlying financial solidity was preserved. Over the year, the group completed a series of structural measures expected to deliver lasting benefits, reinforced its Board of Directors, and prepared its next phase of growth under incoming CEO Koen Deryckere, who took office on May 1, 2026.

Digital technology has never been more central to how organizations operate, compete and serve society. Artificial intelligence, cyber resilience and the sovereign management of data and critical systems have moved from the IT agenda to the heart of board-level priorities across industry, financial services, healthcare, government and the public sector. In that context, Cegeka’s role as a trusted, long-term technology partner to more than 2,500 clients across three continents has never been more important.

A Year of Transition
2025 was a transitional year for Cegeka, and management chose to focus on transition rather than chase short-term momentum. Revenue held broadly stable at €1.28 billion – a contraction of 2.3% versus 2024 – demonstrating the resilience of demand across the group’s core activities in a cautious market. EBITDA amounted to €118.4 million, compared with €130.4 million a year earlier, with adjusted EBIT (IFRS) €59 million, versus €74 million.

The evolution in profitability reflects cautious client spending, the cost of structural measures implemented during the year, and temporary underperformance in several geographies that are now stabilizing. Importantly, the group’s cash generation remained robust throughout the year, underpinning continued investment capacity and a healthy balance sheet.

“In a demanding market, Cegeka delivered stable revenue, while completing a series of structural measures whose benefits will accrue over the coming years. We enter 2026 with the financial foundation intact and with a clearer operating model to build on,” says Stephan Daems, CFO at Cegeka Group.”

Regional Picture: Stabilization Underway across the Footprint
Performance varied across the group. Belgium and the Netherlands – Cegeka’s largest markets – held up broadly in line with the wider European ICT services sector, with extended sales cycles weighing on growth rather than on competitive position. Italy improved progressively through the year and returned to positive operational performance in the fourth quarter. In the United States – an important pillar of the group alongside its European footprint – results shifted from profit to loss; new client wins and accelerated delivery in the fourth quarter point to a recovering trajectory.

None of these dynamics are considered structural. By year-end, early signs of stabilization were visible across the footprint, and the group entered 2026 with a healthier pipeline and a leaner delivery base.

A Sharper Organization, With Improvements Carried By Our People
Throughout 2025 Cegeka completed a series of integration, simplification and performance initiatives across the group. Team structures were streamlined, delivery excellence reinforced, and the portfolio concentrated on activities with the strongest client value and long-term potential. The full benefit of these measures is expected to materialize progressively from 2026 onwards.

“The improvement decisions we took together in 2025 have made us sharper, even more collaborative and better equipped to serve our clients where it matters most. Our people carried this transition with professionalism and commitment, and they are the reason we enter 2026 with genuine confidence,” adds Bart Watteeuw, COO at Cegeka Group.”

The group also reinforced its governance. The Board of Directors was strengthened during the year, and Koen Deryckere assumed the role of Chief Executive Officer on May 1, 2026, providing clear leadership for Cegeka’s next phase of growth. The incoming CEO will build on the group’s distinctive culture of entrepreneurship, craftsmanship and client intimacy.

Technology Has Never Mattered More to Cegeka’s Clients
The challenging macroeconomic backdrop of 2025 should not obscure a deeper shift underway across every sector Cegeka serves. For organizations in industry, financial services, healthcare, defense, energy, government and the public sector, technology is no longer a support function but a precondition for competitiveness, resilience and trust. Artificial intelligence is reshaping how work gets done and how value is created. Cybersecurity has become a matter of operational continuity and public confidence. And the question of sovereignty – over data, over critical systems, and over the management of technology itself – has moved firmly onto the strategic agenda of boards and governments alike.

This is particularly true as organizations enter the AI era – where the real prize lies in combining enhanced computing power with robust, secure data management to turn opportunities in their core businesses into genuine, value-creating use cases. This is the environment in which Cegeka has built its business for more than three decades – working shoulder to shoulder with its clients, across Europe and the United States, as a trusted partner committed for the long term. The group’s ambition for the years ahead is to deepen that role: to help organizations turn technological change into lasting advantage, on terms they can trust.

Outlook 2026: Building From a Solid Foundation
Cegeka enters 2026 with confidence. The operating model is adapted to current market conditions, the cost base is better aligned, financial solidity is preserved, and the group’s strategic direction is clear. The measures taken in 2025 were designed to stay ahead of the curve rather than behind it – and management expects a progressive return to growth over the course of the year, with margin improvement building through 2026 and 2027 as the structural benefits flow through.

Under the leadership of incoming CEO Koen Deryckere, Cegeka will continue to invest in the areas where client demand is most resilient and where the group is most differentiated. Important strategic battlegrounds include, among others:

  • Applied artificial intelligence: embedding AI into mission-critical business processes and industry-specific solutions, from healthcare to financial services, defense, manufacturing, and the public sector.
  • Cyber resilience: helping organizations raise their resilience in a threat landscape that only grows more demanding.
  • Sovereign and hybrid cloud: delivering scalable, compliant infrastructure and managed services for clients that need their data and critical systems operated to European standards of trust.

The new leadership will have the space to further articulate and refine the group’s strategic priorities in the coming period.

“Cegeka was built over more than three decades on a simple conviction: shaping digital together, alongside our clients, for the long term. That conviction is more relevant today than ever. 2025 has given us a solid foundation; 2026 is the year we build on it – and to keep pushing Cegeka to evolve and transform in a fast-moving industry. Our teams are excited, fully focused, committed and future-ready – and so am I,” emphasizes Koen Deryckere, CEO at Cegeka Group.”

A Word To Our People, Clients and Partners
The progress made in 2025 was, above all, the work of Cegeka’s more than 9,000 colleagues across Europe, the United States and beyond. Their engagement, expertise and craftsmanship carried the group through a demanding year and built the platform from which the next chapter begins. To them, and to the 2,500+ clients and partners who continued to move forward with Cegeka during a cautious year for the sector, the group extends its sincere thanks.

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