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Battalion Oil Corporation ownership update: Blackstone-related reporting persons state that Blackstone Annex Master Fund L.P. directly held 934,123 shares of Battalion Oil Corporation Common Stock as of March 25, 2026, representing 5.1% of the outstanding common stock. The Schedule 13G serves as an exit filing, and the Reporting Persons say they no longer beneficially own any shares as of the filing date.
Insights
Blackstone group discloses a 5.1% position as of March 25, 2026 and characterizes this filing as an exit.
The filing lists a single quantified holding: 934,123 shares (5.1% of outstanding) held directly by Blackstone Annex Master Fund L.P. on March 25, 2026. The joint filing language attributes indirect ties across Blackstone entities while disclaiming beneficial ownership by affiliated filers.
Practical implication: this is a disclosure of prior ownership and an exit filing; subsequent trading activity or transfers are not described here. Future filings will confirm any post‑filing holdings.
Joint filing structure shows layered ownership and typical attribution language from sponsor entities.
The Schedule 13G names Annex Fund, BAAMA, Holdings II, Holdings GP, Blackstone, Blackstone Management, and Stephen A. Schwarzman as Reporting Persons with a common principal address. The text explains fund/GP/member relationships and includes a joint filing agreement (Exhibit 99.1).
Governance note: the filing expressly disclaims beneficial ownership for many affiliates while acknowledging control relationships; this is standard for pooled investment vehicles and their sponsors.
Key Figures
Shares held:934,123 sharesPercent of class:5.1%Filing type:Schedule 13G+2 more
5 metrics
Shares held934,123 sharesDirectly held by Blackstone Annex Master Fund L.P. as of March 25, 2026
Percent of class5.1%Percentage of outstanding common stock as of March 25, 2026
"Reflects beneficial ownership as of the date hereof."
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
exit filingregulatory
"This initial filing on also represents an exit filing for the Reporting Persons."
beneficial ownershipfinancial
"As of March 25, 2026, Annex Fund directly held 934,123 shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What stake did Blackstone report in Battalion Oil (BATL)?
Blackstone reported holding 934,123 shares, or 5.1% of Battalion Oil. The Schedule 13G states this position was held by Blackstone Annex Master Fund L.P. as of March 25, 2026 and the filing is described as an exit filing.
Does the Schedule 13G say Blackstone still owns BATL shares?
The filing characterizes itself as an exit filing and states the Reporting Persons no longer beneficially own any shares. It also records the 5.1% position as of March 25, 2026 and includes joint filing signatures dated April 1, 2026.
Which Blackstone entities are listed on the BATL Schedule 13G?
Reporting Persons include Annex Fund, BAAMA, Holdings II, Holdings GP, Blackstone Inc., Blackstone Management, and Stephen A. Schwarzman. The filing gives their common principal address as 345 Park Avenue, New York, NY.
What does 'exit filing' mean in this BATL Schedule 13G?
Here it means the Reporting Persons state they no longer beneficially own BATL common stock as of the filing date. The Schedule 13G records prior ownership of 934,123 shares (5.1%) as of March 25, 2026 and labels the submission an exit filing.
Where can I find the joint filing agreement mentioned in the BATL filing?
The Schedule 13G references Exhibit 99.1 as the Joint Filing Agreement. That exhibit is filed with the statement and formalizes the coordinated disclosure among the named Reporting Persons.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Battalion Oil Corporation
(Name of Issuer)
Common Stock, $0.0001 par value per share
(Title of Class of Securities)
07134L107
(CUSIP Number)
03/25/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
07134L107
1
Names of Reporting Persons
Blackstone Annex Master Fund L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Reflects beneficial ownership as of the date hereof. On March 25, 2026, Reporting Persons beneficially owned 934,123 shares of Common Stock, $0.0001 par value per share ("Common Stock") of Battalion Oil Corporation (the "Issuer").
SCHEDULE 13G
CUSIP Number(s):
07134L107
1
Names of Reporting Persons
Blackstone Alternative Asset Management Associates LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Reflects beneficial ownership as of the date hereof. On March 25, 2026, Reporting Persons beneficially owned 934,123 shares of Common Stock of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
07134L107
1
Names of Reporting Persons
Blackstone Holdings II L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Reflects beneficial ownership as of the date hereof. On March 25, 2026, Reporting Persons beneficially owned 934,123 shares of Common Stock of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
07134L107
1
Names of Reporting Persons
Blackstone Holdings I/II GP L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Reflects beneficial ownership as of the date hereof. On March 25, 2026, Reporting Persons beneficially owned 934,123 shares of Common Stock of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
07134L107
1
Names of Reporting Persons
Blackstone Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Reflects beneficial ownership as of the date hereof. On March 25, 2026, Reporting Persons beneficially owned 934,123 shares of Common Stock of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
07134L107
1
Names of Reporting Persons
Blackstone Group Management L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Reflects beneficial ownership as of the date hereof. On March 25, 2026, Reporting Persons beneficially owned 934,123 shares of Common Stock of the Issuer.
SCHEDULE 13G
CUSIP Number(s):
07134L107
1
Names of Reporting Persons
Stephen A. Schwarzman
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.0 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Reflects beneficial ownership as of the date hereof. On March 25, 2026, Reporting Persons beneficially owned 934,123 shares of Common Stock of the Issuer.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Battalion Oil Corporation
(b)
Address of issuer's principal executive offices:
820 Gessner Road, Suite 1100, Houston, TX 77024
Item 2.
(a)
Name of person filing:
This Schedule 13G is being filed by Blackstone Annex Master Fund L.P. ("Annex Fund"), Blackstone Alternative Asset Management Associates LLC ("BAAMA"), Blackstone Holdings II L.P. ("Holdings II"), Blackstone Holdings I/II GP L.L.C. ("Holdings GP"), Blackstone Inc. ("Blackstone"), Blackstone Group Management L.L.C. ("Blackstone Management"), and Stephen A. Schwarzman (together with Annex Fund, BAAMA, Holdings II, Holdings GP, Blackstone and Blackstone Management, the "Reporting Persons").
(b)
Address or principal business office or, if none, residence:
The principal business address of each of the Reporting Persons is:
345 Park Avenue
New York, NY 10154
(c)
Citizenship:
Annex Fund is an exempted limited partnership organized under the laws of the Cayman Islands. BAAMA is a limited liability company organized under the laws of the State of Delaware. Holdings II is a limited partnership organized under the laws of the State of Delaware. Holdings GP is a limited liability company organized under the laws of the State of Delaware. Blackstone is a corporation organized under the laws of the State of Delaware. Blackstone Management is a limited liability company organized under the laws of the State of Delaware. Mr. Schwarzman is a citizen of the United States of America.
(d)
Title of class of securities:
Common Stock, $0.0001 par value per share
(e)
CUSIP Number(s):
07134L107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Items 5 through 9 and 11 of each of the cover pages to this Schedule 13G are incorporated herein by reference.
As of March 25, 2026, Annex Fund directly held 934,123 shares of common stock, $0.0001 par value per share per share ("Common Stock") of Battalion Oil Corporation (the "Issuer"), representing 5.1% of the Common Stock outstanding. As of the date hereof, Annex Fund does not beneficially own any Common Stock. This initial filing on Schedule 13G also represents an exit filing for the Reporting Persons.
BAAMA is the general partner of the Annex Fund. Holdings II is the sole member of BAAMA. Holdings GP is the general partner of Holdings II. Blackstone is the sole member of Holdings GP. Blackstone Management is the sole holder of the Series II preferred stock of Blackstone. Blackstone Management is wholly owned by its senior managing directors and controlled by its founder, Stephen A. Schwarzman.
Each Reporting Person may be deemed to beneficially own the Common Stock of the Issuer directly or indirectly controlled by it or him, but neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that any such Reporting Person (other than any Reporting Person to the extent they directly hold Issuer securities) is the beneficial owner of Common Stock of the Issuer referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Act"), or for any other purpose and each of the Reporting Persons expressly disclaims beneficial ownership of such shares of Common Stock. The filing of this statement should not be construed to be an admission that any member of the Reporting Persons are members of a "group" for the purposes of Section 13(d) and 13(g) of the Act.
(b)
Percent of class:
As of the date hereof, the Reporting Persons no longer beneficially own any Common Stock. As of March 25, 2026, the Reporting Persons held 934,123 shares of Common Stock representing 5.1% of the outstanding Common Stock. This filing represents an exit filing for the Reporting Persons.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See each cover page hereof.
(ii) Shared power to vote or to direct the vote:
See each cover page hereof.
(iii) Sole power to dispose or to direct the disposition of:
See each cover page hereof.
(iv) Shared power to dispose or to direct the disposition of:
See each cover page hereof.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Blackstone Annex Master Fund L.P.
Signature:
/s/ Stephen O'Connor
Name/Title:
By Blackstone Alternative Asset Management Associates LLC, its general partner, Stephen O'Connor, Authorized Person
Date:
04/01/2026
Blackstone Alternative Asset Management Associates LLC
Signature:
/s/ Stephen O'Connor
Name/Title:
Stephen O'Connor, Authorized Person
Date:
04/01/2026
Blackstone Holdings II L.P.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy Managing Director - Assistant Secretary of Blackstone Holdings I/II GP L.L.C., its general partner
Date:
04/01/2026
Blackstone Holdings I/II GP L.L.C.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy Managing Director - Assistant Secretary
Date:
04/01/2026
Blackstone Inc.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy Managing Director - Assistant Secretary
Date:
04/01/2026
Blackstone Group Management L.L.C.
Signature:
/s/ Victoria Portnoy
Name/Title:
Victoria Portnoy Managing Director - Assistant Secretary
