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Overview

• Margin loan as they redistributed capital to investors even before selling shares
• Creates strong incentive to sell down shares to deleverage loan and exit position
• According to latest 13D/A filing (page 42) loan dropped massively to: $55m while they continue to hold 29.9 m shares (23%) worth $105m at $3.5 a share. ← Looks way more healthy. </aside>

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Question

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• As of March 2026, Blackstone has used its entire stake in Bumble as collateral for margin loan
• Notebook LLM: Blackstone has always used its Bumble shares as collateral
• How does Blackstone operate when it comes to collateral
• Blackstone margin loan what we know
• Blackstone margin loan LTV ← just secured by bumble stock
• Blackstone margin loan challenging Claude more
• What happens if margin loan gets liquidated ← bank bears risk
• Bank likely not trigger default of margin loan but forbear