Blackstone's relationship with Stearns has been rocky. It first invested in Stearns in 2015, acquiring a majority stake. Stearns filed for Chapter 11 bankruptcy protection in 2019 when Blackstone and bondholders couldn't agree on a restructuring plan. Blackstone ended up acquiring the entire company and plowing another $65 million into it in a settlement with debtholders that brought Stearns out of bankruptcy protection.