[SCHEDULE 13D/A] FirstEnergy Corp. SEC Filing

Rhea-AI Filing Summary

Blackstone-affiliated entities amended their Schedule 13D to report updated holdings in FirstEnergy Corp. (FE). Collectively the reporting persons hold 28,832,099 shares, which the amendment states represents 4.99% of the 577,403,931 shares outstanding used for calculation. BIP Securities II-B directly holds 25,096,082 shares and BIP-V Securities holds 3,736,017 shares; Stephen A. Schwarzman is recorded as holding 2,743 shares. The amendment explains the percentage fell below 5% solely due to the issuer issuing additional common stock, and notes no transactions in the past 60 days by the reporting persons.

Positive

• Detailed ownership mapping showing record holders and the chain of control among affiliated Blackstone entities
• Transparent explanation that the drop below 5% ownership is due solely to the issuer's issuance of additional common stock
• No reported transactions in the prior 60 days, indicating no recent active trading by the reporting persons

Negative

• Dilution reduced reported ownership below the 5% threshold, which may change regulatory or market attention compared with prior filings

Insights

Securities Analyst

TL;DR: Blackstone entities disclose dilution-driven drop below 5% ownership; holdings and control lines remain clearly mapped.

The filing updates beneficial ownership accounting for FirstEnergy using an outstanding share base of 577,403,931 shares and reports an aggregate beneficial position of 28,832,099 shares (4.99%). The structure of ownership and control among affiliated entities is described in detail, clarifying record holders (BIP Securities II-B and BIP-V Securities) and the managerial relationships up the Blackstone organizational chain. The report explicitly attributes the ownership percentage decline to additional issuer share issuance and records no reported transactions in the prior 60 days, which limits indications of active accumulation or disposition.

Corporate Governance Expert

TL;DR: Amendment provides transparent ownership mapping and confirms the group no longer exceeds the 5% reporting threshold due to dilution.

The amendment restates the chain of control from record holders through management and general partners to Blackstone Inc. and Stephen A. Schwarzman, offering clear allocation of sole voting and dispositive power for the reported shares. The filing disclaims affirmative beneficial ownership admissions while furnishing granular counts by entity, which supports regulatory clarity and governance disclosure completeness.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

FirstEnergy Corp.

(Name of Issuer)

Common Stock, par value $0.10

(Title of Class of Securities)

337932107

(CUSIP Number)

John G. Finley
Blackstone Inc., 345 Park Avenue
New York, NY, 10154
(212) 583-5000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/22/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

Blackstone Holdings III L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,832,099.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,832,099.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,832,099.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

BIP Securities II-B L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 25,096,082.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 25,096,082.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

25,096,082.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.35 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

BIP-V Securities II-B L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,736,017.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,736,017.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,736,017.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.65 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

BIP Holdings Manager L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,832,099.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,832,099.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,832,099.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

Blackstone Infrastructure Associates L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,832,099.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,832,099.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,832,099.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

BIA GP L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,832,099.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,832,099.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,832,099.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

BIA GP L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,832,099.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,832,099.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,832,099.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

Blackstone Holdings III GP L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,832,099.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,832,099.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,832,099.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

Blackstone Holdings III GP Management L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,832,099.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,832,099.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,832,099.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

Blackstone Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,832,099.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,832,099.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,832,099.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

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

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,832,099.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,832,099.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,832,099.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 337932107

1

Name of reporting person

Stephen A. Schwarzman

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 28,834,842.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 28,834,842.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

28,834,842.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.99 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.10
(b)	Name of Issuer: FirstEnergy Corp.
(c)	Address of Issuer's Principal Executive Offices: 341 White Pond Drive, Akron, OHIO , 44320.
Item 1 Comment: Explanatory Note This Amendment No. 3 ("Amendment No. 3") amends and supplements the Schedule 13D originally filed with the United States Securities and Exchange Commission (the "SEC") on December 23, 2021 (as amended, the "Schedule 13D") with respect to the common stock, par value $0.10 per share ("Common Stock") of FirstEnergy Corp. (the "Issuer"). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Schedule 13D. This Amendment No. 3 is being filed to update the aggregate percentage of the Issuer's Common Stock beneficially owned by the Reporting Persons due to dilution caused by the Issuer's issuance of additional Common Stock from time to time since the date of the filing of the Schedule 13D and not in connection with a disposition of any Common Stock by the Reporting Persons. As of the date hereof, the Reporting Persons no longer beneficially own more than 5% of the outstanding Common Stock of the Issuer.
Item 2.	Identity and Background
(a)	Item 2 of the Schedule 13D is hereby amended by incorporating herein by reference the information set forth on the updated Schedule I attached to this Amendment No. 3.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The information contained on the cover pages is incorporated by reference into this Item 5. The information presented herein sets forth, as of the date of this Schedule 13D, the aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned by each of the Reporting Persons, as well as the number of shares of Common Stock as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition of, or shared power to dispose or to direct the disposition of, based on 577,403,931 shares of Common Stock outstanding as of June 30, 2025, based on the Issuer's Quarterly Report on Form 10-Q filed with the SEC on July 30, 2025. BIP Securities is the record holder of 25,096,082 shares of Common Stock, BIP-V Securities is the record holder of 3,736,017 shares of Common Stock and Mr. Schwarzman is the record holder of 2,743 shares of Common Stock. BIP Holdings Manager L.L.C. is the general partner of BIP Securities and BIP-V Securities. Blackstone Infrastructure Associates L.P. is the managing member of BIP Holdings Manager L.L.C. BIA GP L.P. is the general partner of Blackstone Infrastructure Associates L.P. BIA GP L.L.C. is the general partner of BIA GP L.P. Blackstone Holdings III L.P. is the sole member of BIA GP L.L.C. Blackstone Holdings III GP L.P. is the general partner of Blackstone Holdings III L.P. Blackstone Holdings III GP Management L.L.C. is the general partner of Blackstone Holdings III GP L.P. Blackstone Inc., a reporting company under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is the sole member of Blackstone Holdings III GP Management L.L.C. The sole holder of the Series II preferred stock of Blackstone Inc. is Blackstone Group Management L.L.C. Blackstone Group Management L.L.C. is wholly owned by Blackstone Inc.'s senior managing directors and controlled by its founder, Stephen A. Schwarzman. Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission that any Reporting Person is the beneficial owner of the Common Stock referred to herein for purposes of Section 13(d) of the Exchange Act or for any other purpose and each of the Reporting Persons expressly disclaims beneficial ownership of such shares of Common Stock. Except as set forth in this Schedule 13D, to the best knowledge of the Reporting Persons, none of the individuals listed in Schedule I to the Schedule 13D beneficially owns any shares of Common Stock, other than John G. Finley who beneficially owns 1,477 shares of Common Stock, Reginald J. Brown who beneficially owns five shares of Common Stock and Rochelle B. Lazarus who beneficially owns 13,000 shares of Common Stock.
(b)	The information contained on the cover pages is incorporated by reference into this Item 5.
(c)	During the past 60 days, none of the Reporting Persons, and to the best knowledge of the Reporting Persons, none of the individuals listed in Schedule I to the Schedule 13D, has effected any transactions in the Common Stock.
(d)	To the best knowledge of the Reporting Persons, no one other than the Reporting Persons, or the partners, members, affiliates or shareholders of the Reporting Persons, has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Stock reported herein as beneficially owned by the Reporting Persons.
(e)	Solely due to an increase in the outstanding Common Stock, as of the date hereof, the Reporting Persons ceased to be the beneficial owners of more than five percent of the outstanding Common Stock.

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 Holdings III L.P.

Signature:	By: Blackstone Holdings III GP L.P., its general partner, By: Blackstone Holdings III GP Management L.L.C., its general partner, /s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary
Date:	08/22/2025

BIP Securities II-B L.P.

Signature:	By: BIP Holdings Manager L.L.C., its general partner, /s/ Christopher Placca
Name/Title:	Christopher Placca, Managing Director
Date:	08/22/2025

BIP-V Securities II-B L.P.

Signature:	By: BIP Holdings Manager L.L.C., its general partner, /s/ Christopher Placca
Name/Title:	Christopher Placca, Managing Director
Date:	08/22/2025

BIP Holdings Manager L.L.C.

Signature:	/s/ Christopher Placca
Name/Title:	Christopher Placca, Managing Director
Date:	08/22/2025

Blackstone Infrastructure Associates L.P.

Signature:	By: BIA GP L.P., its general partner, By: BIA GP L.L.C., its general partner, /s/ Christopher Placca
Name/Title:	Christopher Placca, Managing Director
Date:	08/22/2025

BIA GP L.P.

Signature:	By: BIA GP L.L.C., its general partner, /s/ Christopher Placca
Name/Title:	Christopher Placca, Managing Director
Date:	08/22/2025

BIA GP L.L.C.

Signature:	/s/ Christopher Placca
Name/Title:	Christopher Placca, Managing Director
Date:	08/22/2025

Blackstone Holdings III GP L.P.

Signature:	By: Blackstone Holdings III GP Management L.L.C., its general partner, /s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary
Date:	08/22/2025

Blackstone Holdings III GP Management L.L.C.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary
Date:	08/22/2025

Blackstone Inc.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary
Date:	08/22/2025

Blackstone Group Management L.L.C.

Signature:	/s/ Victoria Portnoy
Name/Title:	Victoria Portnoy, Managing Director - Assistant Secretary
Date:	08/22/2025

Stephen A. Schwarzman

Signature:	/s/ Stephen A. Schwarzman
Name/Title:	Stephen A. Schwarzman
Date:	08/22/2025

FAQ

How many FirstEnergy (FE) shares do Blackstone reporting persons beneficially own?

They report an aggregate of 28,832,099 shares beneficially owned.

What percentage of FirstEnergy does that represent?

The filing states this equals 4.99% of 577,403,931 shares outstanding used for the calculation.

Which Blackstone entities are record holders of FE shares?

BIP Securities II-B holds 25,096,082 shares and BIP-V Securities holds 3,736,017 shares; Stephen A. Schwarzman is recorded with 2,743 shares.

Why did the reported percentage fall below 5%?

The amendment attributes the decline solely to the issuer's issuance of additional common stock, not to any disposition by the reporting persons.

Have the reporting persons traded FirstEnergy shares recently?

The filing states that none of the reporting persons effected any transactions in the Common Stock during the past 60 days.