BlackRock agrees to acquire ElmTree Funds

BlackRock entered a definitive agreement to acquire ElmTree Funds, a net-lease real-estate investment manager. The announced consideration consisted primarily of BlackRock stock, with potential additional performance-based payments over five years. BlackRock planned to integrate ElmTree into Private Financing Solutions, with founder James Koman continuing to lead it. The announcement expected completion in the third quarter of 2025, subject to customary conditions.