Blackstone (BX) stock closes below $150 on at least one day by EOY 2026

Principal-agent thesis: $1.18B of BCRED fees flowing to Blackstone Inc. in 2025 = 8% of total BX revenue, with no explicit support agreement obligating BX to backstop BCRED NAV. As BCRED Q2 non-accrual recognition begins and the cross-fund private-credit gating narrative compounds, BX stock should test the $150 level on at least one trading day.