Blackstone EMA III L.L.C.

Blackstone EMA III sells 15.39M LGN shares for $831.3M, reducing stake 44.4%; stock at 52-wk high

Blackstone EMA III, a 10% owner of Legence Corp., executed 2 separate sales totaling 15,394,112 shares for $831,282,048.00 at $54.00 on 2026-04-09, reducing holdings from 34,691,493 to 19,297,381 shares (a -44.4% net change vs pre-transaction holdings). The sale occurred exactly at the 52-week high of $59.75, with the stock up 16.3% in 30 days and 34.3% in 90 days prior to the filing date. Blackstone's prior 4 sales at LGN show a 0.00% well-timed rate at the 90-day mark—all prior sales were followed by stock appreciation, suggesting a pattern of selling before rallies rather than before declines. The company trades near its 52-week high despite fundamental headwinds: annual revenue growth of +21.5% masks an unprofitable full-year net income and a -$576.0K loss in the latest quarter, signaling potential valuation risk at elevated price levels.

Blackstone EMA III sold 1,260,326 shares at $45.00 for $56,714,670; retains 25,162,794 shares post-transaction

Blackstone EMA III L.L.C., a 10% owner, executed 2 separate sales totaling 1,260,326 shares for $56,714,670 at $45.00 on 2026-01-08, reducing its holding by 4.8% to 25,162,794 shares. The stock closed at $43.53 immediately after the transactions, representing a 10.2% decline from its 52-week high of $48.48 and a 10.2% drop over the prior 30 days, though it remains up 39.3% over 90 days. The company reported quarterly revenue of $708,006,000 against a net loss of $576,000, indicating operational challenges at scale. This filing contains a derivative conversion (Table II), so the reported share count reflects only a partial position statement; the insider's total economic exposure cannot be assessed from Table I alone without access to derivative holdings data.

Blackstone EMA III sells 8.40M shares of Legence for $378.1M at $45.00

Blackstone EMA III L.L.C., a 10% owner of Legence Corp., executed 2 separate sales totaling 8,402,178 shares on 2025-12-16 for $378,098,010.00 at $45.00 per share, reducing its stake from 34,045,177 to 25,642,999 shares (-24.7% of pre-transaction holdings). The sale occurred at a price substantially above the current price of $41.92 (7.4% premium) and near the 52-week high of $48.48, while the company recently posted a quarterly net loss of $576,000. The magnitude of this institutional reduction—8.4M shares for $378.1M—reflects meaningful portfolio action by a major holder. Investors should monitor whether this derivative-conversion transaction signals a shift in the PE sponsor's conviction or capital allocation priorities, particularly given the company's negative net income in its latest quarter.