Blackstone is converting to a corporation from a publicly traded partnership, effective July 1

Investment firm Blackstone will become a corporation in July, shifting from its current status as a publicly-traded partnership.

Making the change to a corporation will allow "double the number of people" who are able to buy Blackstone's stock, CEO Stephen Schwarzman said on CNBC's "Squawk Box." Being a publicly-traded partnership has been "very irksome," Schwarzman said, as it disqualifies Blackston efrom "being able to be owned by a huge number of potential buyers."

Shares of Blackstone surged 9.5% in premarket trading from Wednesday's close of $35.93 a share.

Blackstone has $512 billion in assets under management as of the company's first quarter 2019 results, released Thursday. The firm has been a publicly-traded partnership since its IPO in 2007.

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