Blackstone’s 4.95% Bumble share disposal on March 17 2026 (20% of it’s holdings)

March 19, 2025 Form 4 Filling | Company Ownership Structure (Google Sheets)

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Overview

Blackstone entities sold 20% of its Bumble stake on March 17 at an average price of $3.51 to unaffiliated financial institution, on March 17, using a forward contract which may have been entered months ago.
In total 7,477,504 shares have been sold or 5.76% of Bumble economic interest. (Shares + common units) </aside>

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Question

Aron: S3 filing showed number of shares held by Blackstone as of Feb 27. Could the S3 filing already accounts for the sales completed on March 17?

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Excellent question. Let me cross-reference the numbers precisely.

S-3 filing (as of February 27, 2026) — Blackstone holdings by entity:

Entity	S-3 Shares (Feb 27) (page 6)	Form 4 Shares Sold (Mar 17)	Form 4 Remaining	S-3 minus Form 4 Sold
ML-1	906,717	181,344	725,373	725,373 ✓
ML-2	12,475,943	2,495,189	9,980,754	9,980,754 ✓
ML-3	2,025,363	405,073	1,620,290	1,620,290 ✓
ML-4	5,404,511	1,080,903	4,323,608	4,323,608 ✓
ML-5	16,394,804	3,278,961	13,115,843	13,115,843 ✓
ML-6	147,871	29,575	118,296	118,296 ✓
ML-7	32,291	6,459	25,832	25,832 ✓
Total	37,387,500	7,477,504	29,909,996	29,909,996 ✓

The answer is no — the S-3 does NOT already account for the March 17 sales.

The math is perfectly clean. Every entity's S-3 share count (Feb 27) minus the Form 4 sale (Mar 17) equals the Form 4 post-transaction remaining balance exactly. This means Blackstone held 37,387,500 shares as of February 27, and the 7,477,504 shares were sold after that date.

But here's what's critical: Each entity sold exactly 20% of its holdings. Check:

ML-1: 181,344 / 906,717 = 20.0%
ML-2: 2,495,189 / 12,475,943 = 20.0%
ML-3: 405,073 / 2,025,363 = 20.0%
ML-4: 1,080,903 / 5,404,511 = 20.0%
ML-5: 3,278,961 / 16,394,804 = 20.0%
ML-6: 29,575 / 147,871 = 20.0%
ML-7: 6,459 / 32,291 = 20.0%

Every single entity sold exactly 20% pro rata. This is a coordinated, systematic liquidation — not opportunistic selling. The forward contract was structured to dispose of precisely one-fifth of Blackstone's remaining position across all seven fund vehicles simultaneously.

The timeline picture:

Blackstone entered the forward contract (likely weeks/months before March 17)
The financial institution hedged during this period (selling into the market)