Blackstone Emerges as Leading Bidder for Failed Signature Bank's $17 Billion Loan Portfolio

The FDIC is in final discussions to declare Blackstone’s bid as the lowest cost to the agency, amidst efforts to offload the collapsed bank's debts.

Blackstone Inc. is the leading bidder to buy a $17 billion portfolio of commercial real estate loans from the failed Signature Bank, according to Bloomberg.
The FDIC is in final discussions to declare Blackstone’s bid the lowest cost to the agency.
Signature Bank collapsed in March, shortly after the failure of Silicon Valley Bank, sparking fears of a banking crisis.
An FDIC investigation found that Signature Bank had poor management and made sizable bets on cryptocurrency without fully understanding the risks.
The FDIC has been trying to sell approximately $33 billion of Signature’s real estate loans since the bank's collapse.