Blackstone Group L.P. (NYSE: BX) has not found itself immune from the selling pressure this summer. The private equity giant has now set the dates for its expected spin-off. This is for the financial and strategic advisory services, restructuring and reorganization advisory services and Park Hill Group businesses, which will be combined with PJT Capital.

PJT is an independent financial advisory firm under Paul Taubman, and it will be an independent and publicly traded company called PJT Partners Inc.

Blackstone said that the distribution date will be October 1, 2015. Each Blackstone common unitholder of record will receive one share of Class A common stock of PJT for every 40 common units of Blackstone. This record date will be as of the close of business on September 22, 2015.

Be advised that Blackstone and PJT said that no fractional shares of Class A common stock of PJT will be distributed. The prorated fractional shares in PJT will be aggregated and then sold off on the open market. Then the combined proceeds will be distributed as cash to the Blackstone common unitholders at the same rate as if they were receiving fractional shares.

Blackstone does expect the spin-off to be tax-free to Blackstone’s common unitholders for income tax purposes — “except to the extent of any gain or loss recognized by a common unitholder as a result of any cash received in lieu of fractional shares.”

Investors will want to know that Blackstone anticipates that on the record date it will have approximately 615.1 million common units issued and outstanding. Blackstone expects to distribute approximately 15.4 million shares of Class A common stock of PJT in the distribution. As of now, this does not appear to be a massive move for unitholders.

Blackstone units were lower with the broad market on Friday, down 2% to $33.35, against a 52-week range of $26.56 to $44.43.

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