BX 10-K Fiscal year ended Dec. 31, 2021

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Significant setbacks in the reopening of the global economy or reinstatement of restrictions as a result of the ongoing COVID-19 pandemic may adversely impact our performance and results of operations.

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Our business could be adversely affected by difficult market and economic conditions, as well as geopolitical concerns or other global events, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our financial prospects and condition.

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An increase in interest rates and other changes in the financial markets could negatively impact the values of certain assets or investments and the ability of our funds and their portfolio companies to access the capital markets on attractive terms, which could adversely affect investment and realization opportunities.

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A decline in the pace or size of investments made by, or poor performance of, our funds may adversely affect our revenues and obligate us to repay Performance Allocations previously paid to us, and could adversely affect our ability to raise capital.

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Our revenue, earnings, net income and cash flow can all vary materially, which may make it difficult for us to achieve steady earnings growth on a quarterly basis.

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Our business could be adversely affected by the loss of services from our founder and other key senior managing directors or future difficulty in recruiting and retaining professionals.

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The asset management business depends in large part on our ability to raise capital from third party investors and is intensely competitive.

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Changes in U.S. and foreign taxation of businesses and other tax laws, regulations or treaties could adversely affect us, including by adversely impacting our effective tax rate and tax liability.

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Cybersecurity or other operational risks could result in the loss of data, interruptions in our business and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses.

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Extensive regulation of our businesses affects our activities, creates the potential for significant liabilities and penalties, may make it more difficult for us to deploy capital in certain jurisdictions or sell assets to certain buyers, and could result in additional burdens on our business.

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Employee misconduct could impair our ability to attract and retain clients and subject us to legal liability and reputational harm. Fraud, deceptive practices or other misconduct at portfolio companies or service providers could similarly subject us to liability and reputational damage and harm performance.

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We are subject to increasing scrutiny from regulators and certain investors with respect to the environmental, social and governance impacts of investments made by our funds.

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Climate change, climate change-related regulation and sustainability concerns could adversely affect our businesses and the operations of our portfolio companies, and any actions we take or fail to take in response to such matters could damage our reputation.

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We are subject to substantial litigation risks and may face significant liabilities and damage to our reputation as a result of such allegations and negative publicity.

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Certain policies and procedures implemented to mitigate potential conflicts of interest and other risk management activities may reduce the synergies across our various businesses, and failure to deal appropriately with conflicts of interest could damage our reputation and adversely affect our businesses.

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Valuation methodologies can be subject to a significant degree of subjectivity and judgment, and the expected fair value of assets may never be realized.

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We may be unable to consummate or successfully integrate additional development opportunities or increase the number and type of investment products, including those offered to retail investors and insurance companies.

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Dependence on significant leverage in investments by our funds could adversely affect our ability to achieve attractive rates of return on those investments.

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Investors may have certain redemption, termination or dissolution rights or may not satisfy their contractual obligation to fund capital calls when requested by us.

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Certain of our investment funds may invest in securities of companies that are experiencing significant financial or business difficulties.

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Investments in certain assets and industries, such as energy, infrastructure and real estate, may expose us to risks inherent to those assets and industries, including environmental liabilities and increased operational, construction, regulatory and market risks.

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Our funds’ and our performance may be adversely affected by inaccurate financial projections of our funds’ portfolio companies, contingent liabilities, counterparty defaults or forced disposal of investments at a disadvantageous time.

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The significant voting power of holders of our Series I preferred stock and Series II preferred stock may limit the ability of holders of our common stock to influence our business.

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We are not required to comply with certain provisions of U.S. securities laws relating to proxy statements and, as a controlled company, certain requirements of the New York Stock Exchange.

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Our certificate of incorporation provides the Series II Preferred Stockholder with certain rights that may affect or conflict with the interests of the other stockholders and could materially alter our operations.

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We are required to pay our senior managing directors for most of the benefits relating to certain additional tax depreciation or amortization deductions we may claim.

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If Blackstone Inc. were deemed an “investment company” under the 1940 Act, applicable restrictions could make it impractical for us to continue our business as contemplated.

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The price of our common stock may decline due to the large number of shares of common stock eligible for future sale and exchange.

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Our certificate of incorporation provides us with a right to acquire all of the then outstanding shares of common stock under specified circumstances.

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Our bylaws designate the Court of Chancery of the State of Delaware or U.S. federal district courts, as applicable, as the sole and exclusive forum for certain types of actions and proceedings.

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(a)

the fair value of the investments held by our carry funds and our side-by-side and co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods,

(b)

the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, BREIT, and BEPIF,

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(c)

the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts,

(d)

the amount of debt and equity outstanding for our collateralized loan obligations (“CLO”) during the reinvestment period,

(e)

the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period,

(f)

the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies,

(g)

the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and

(h)

borrowings under and any amounts available to be borrowed under certain credit facilities of our funds.

(a)

for our Private Equity segment funds and Real Estate segment carry funds including certain BREDS and Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund,

(b)

for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund,

(c)

the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees,

(d)

the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, and certain of our Hedge Fund Solutions drawdown funds,

(e)

the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts,

(f)

the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments,

(g)

the aggregate par amount of collateral assets, including principal cash, of our CLOs, and

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(h)

the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies.

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Item 1.

Business

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The investment adviser of each of our non-EEA domiciled carry funds and the AIFM of each of our EEA domiciled carry funds generally receives an annual management fee based on a percentage of the fund’s capital commitments, invested capital and/or undeployed capital during the investment period and the fund’s invested capital or investment fair value after the investment period, except that the investment adviser or AIFM to certain of our credit-focused, BPP and BCEP funds receives a management fee based on a percentage of invested capital or net asset value. These management fees are payable on a regular basis (typically quarterly) in the contractually prescribed amounts over the life of the fund. Depending on the base on which management fees are calculated, negative performance of one or more investments in the fund may reduce the total management fee paid for the relevant period, but not the fee rate. Management fees received are not subject to clawback.

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The investment adviser of each of our funds that are structured like hedge funds, or of our funds of hedge funds, registered mutual funds, UCITs funds and separately managed accounts that invest in hedge funds, generally receives a management fee based on a percentage of the fund’s or account’s net asset value. These management fees are payable on a regular basis (typically monthly or quarterly). These funds generally permit investors to withdraw or redeem their interests periodically, in some cases following the expiration of a specified period of time when capital may not be withdrawn. Decreases in the net asset value of investor’s capital accounts may reduce the total management fee paid for the relevant period, but not the fee rate. Management fees received are not subject to clawback. In addition, to the extent the mandate of our funds is to invest capital in third party managed funds, as is the case with our funds of hedge funds, our funds will be required to pay management fees to such third party managers, which typically are borne by investors in such investment vehicles.

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The investment adviser of each of our CLOs typically receives annual management fees, which are calculated as a percentage of the CLO’s assets, and additional incentive management fees subject to a return hurdle being met. These management fees are payable on a regular basis (typically quarterly). Although varying from deal to deal, a CLO will typically be wound down within eight to eleven years of being launched. The amount of fees will decrease as the CLO deleverages toward the end of its term.

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The investment adviser of each of our separately managed accounts generally receives annual management fees based on a percentage of each account’s net asset value or invested capital. The management fees we receive from each of our separately managed accounts are generally paid on a regular basis (typically quarterly). Such management fees are generally subject to contractual rights the investor has to terminate our management of an account on generally as short as 30 days’ notice.

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The investment adviser of each of our credit-focused registered and non-registered investment companies and our BDCs typically receive an annual management fee based on a percentage of net asset value or total managed assets. The management fees we receive from the registered investment companies we manage are generally paid on a regular basis (typically quarterly). Such management fees are generally subject to contractual rights of the company’s board of directors to terminate our management of an account on as short as 30 days’ notice.

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The investment adviser of BXMT receives an annual management fee, paid quarterly, based on a percentage of BXMT’s net proceeds received from equity offerings and accumulated “distributable earnings” (which is generally equal to its net income, calculated under GAAP, excluding certain non-cash and other items), subject to certain adjustments.

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The investment adviser of BREIT receives a management fee based on a percentage of the REIT’s net asset value, payable monthly.

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In our Hedge Fund Solutions segment, the investment adviser of our funds of hedge funds, certain hedge funds, separately managed accounts that invest in hedge funds and certain non-U.S. registered investment companies, is entitled to an incentive fee of 0% to 20%, as applicable, of the applicable investment vehicle’s net appreciation, subject to “high water mark” provisions and in some cases a preferred return. In addition, to the extent the mandate of our funds is to invest capital in third party managed hedge funds, as is the case with our funds of hedge funds, our funds will be required to pay incentive fees to such third party managers, which typically are borne by investors in such investment vehicles.

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The general partners or similar entities of each of our real estate and credit hedge fund structures receive incentive fees of generally up to 20% of the applicable fund’s net capital appreciation per annum.

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The investment adviser of our BDCs receives (a) income incentive fees of 12.5% or 15%, as applicable, subject to, in certain cases, certain hurdles, catch-ups and caps, payable quarterly, and (b) capital gains incentive fees (net of realized and unrealized losses) of 12.5% or 15%, as applicable, payable annually.

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The investment manager of BXMT receives an incentive fee generally equal to 20% of BXMT’s distributable earnings in excess of a 7% per annum return on stockholders’ equity (excluding stock appreciation or depreciation), provided that BXMT’s distributable earnings over the prior three years is greater than zero.

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The special limited partner of each of BREIT and BEPIF receives an incentive fee of 12.5% of total return, subject to a 5% hurdle amount with a catch-up and recouping any loss carryforward amounts, payable annually.

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The general partners of certain open-ended BPP and BIP funds are entitled to an incentive fee allocation generally between 10% and 12.5% of net profit, subject to a hurdle amount generally of between 5.5% and 7%, a loss recovery amount and a catch-up. Incentive Fees for these funds are generally realized every three years from when a limited partner makes its initial investment.

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Item 1A.

Risk Factors

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Performance Revenues . During parts of 2020 and 2021, our ability to realize value from our investments was adversely impacted by decreased portfolio company revenues and earnings, lack of potential buyers with financial resources to pursue an acquisition, and limited access to the equity capital markets. Although the continuing market recovery has contributed to meaningful capital deployment and realizations, a potential market downturn, a slower economic recovery, inflationary pressures, and associated declines in the value of investments as well as limited capital deployment and realization opportunities could reduce our performance revenues.

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Management Fees . While continuing market recovery has contributed to meaningful capital deployment, realization and fundraising activity, another potential market downturn may cause us to experience a decline in the pace of our investments or in the pace of our fundraising for new or successor funds or in the value of funds charging management fees based on net asset value. In such a situation, our fee revenues could experience declining growth or decrease.

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Investment Performance . Many of our investments are in industries that were materially impacted by COVID-19. For example, in 2020, certain investments in our real estate portfolio, such as those in the hospitality, location-based entertainment and retail sectors and, in certain geographies, in the office and residential sectors as well as in our private equity portfolio, such as those in the travel, leisure and events sectors, experienced material reductions in value. We have also seen an increasing focus toward rent regulation as a means to address residential affordability caused by undersupply of housing in certain markets in the U.S. and Europe. Such conditions (which may be across industries, sectors or geographies) may contribute to adverse operating performance, including by moderating rent growth in certain geographies and markets in our residential portfolio. While nearly all portfolio companies that completely or partially suspended operations during the pandemic have fully reopened, we cannot predict if any such companies will have to completely or partially suspend operations again in the future. If we experience another meaningful disruption in activity like the one caused by COVID-19, the businesses of impacted portfolio companies could suffer materially, which would decrease the value of our funds’ investments. Furthermore, such negative market conditions could potentially result in a portfolio company entering bankruptcy proceedings, thereby potentially resulting in a complete loss of the fund’s investment in such portfolio company and a significant negative impact to the investment fund’s performance and consequently to our operating results and cash flow, as well as to our reputation.

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Liquidity . In 2020, our portfolio companies faced, and may face in the future, increased credit and liquidity risk due to volatility in financial markets, reduced revenue streams, and limited access or higher cost of financing, which may result in potential impairment of our or our funds’ investments. Changes in the debt financing markets impacted, and may in the future impact, the ability of our portfolio companies to meet their respective financial obligations. For example, the initial outbreak of the pandemic created additional pressure for certain of our portfolio companies’ and investments’ liquidity needs, including by

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adversely impacting rent collection and operational performance in certain sectors and geographies. Although we have multiple sources of liquidity to meet our capital needs, changes in the debt financing markets may also in the future impact our ability to refinance our debt obligations. In addition, borrowers of loans, notes and other credit instruments in our credit funds’ portfolios may be unable to meet their principal or interest payment obligations or satisfy financial covenants, and tenants leasing real estate properties owned by our funds may not be able to pay rents in a timely manner or at all, resulting in a decrease in value of our funds’ credit and real estate investments and lower than expected return. Another period of significant dislocation in the credit markets like the one we experienced in the first quarter of 2020, during which the liquidity of certain assets traded in the credit markets was limited, could impact the value of certain assets held by our real estate debt, credit and Hedge Fund Solutions funds, such funds’ ability to sell assets at attractive prices or in a timely manner in order to avoid losses and the likelihood of margin calls from credit providers. In addition, a sudden contraction of liquidity in the credit markets, including as a result of overwhelming desire for liquidity on the part of market participants, is likely to exacerbate the likelihood of forced sales of assets and margins calls, which would result in further declines in the value of assets. For example, in our Hedge Funds Solutions segment, such a contraction could cause investors to seek liquidity in the form of redemptions from our funds, adversely impacting management fees.

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Operational Risks . The emergence of COVID-19 variants and rising case counts in certain geographies have contributed to periods of increased remote work, including for our employees. While our technology infrastructure has supported remote work, such working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic. In addition, third party service providers on whom we have become increasingly reliant for certain aspects of our business, including for certain technology platforms (including cloud-based services) and the administration of certain funds, could be impacted by an inability to perform due to COVID-19 restrictions or by failures of, or attacks on, their technology platforms.

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Employee-Related Risks . COVID-19 continues to present a threat to our employees’ and their families’ well-being. Our employees or executive officers may become sick or otherwise unable to perform their duties for an extended period of time, and extended public health restrictions and remote working arrangements may impact employee morale. In addition to any potential impact of such extended illness on our operations, we may be exposed to the risk of litigation by our employees against us for, among other things, failure to take adequate steps to protect their well-being, particularly in the event they become sick after a return to the office. A prolonged period of remote work may also make it more difficult to integrate new employees and maintain our culture. Conversely, requiring our employees to return to the office full or part time, particularly if other companies decide to offer extended flexibility to work remotely, may make it more difficult to recruit and retain talent.

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economic slowdown in the U.S. and internationally,

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changes in interest rates and/or a lack of availability of credit in the U.S. and internationally, and

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changes in law and/or regulation, and uncertainty regarding government and regulatory policy, including in connection with the current administration.

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a number of our competitors in some of our businesses have greater financial, technical, research, marketing and other resources and more personnel than we do,

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some of our funds may not perform as well as competitors’ funds or other available investment products,

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several of our competitors have significant amounts of capital, and many of them have similar investment objectives to ours, which may create additional competition for investment opportunities and may reduce the size and duration of pricing inefficiencies that many alternative investment strategies seek to exploit,

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some of our competitors, particularly strategic competitors, may have a lower cost of capital, which may be exacerbated to the extent potential changes to the Internal Revenue Code limit the deductibility of interest expense,

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some of our competitors may have access to funding sources that are not available to us, which may create competitive disadvantages for us with respect to investment opportunities,

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some of our competitors may be subject to less regulation and accordingly may have more flexibility to undertake and execute certain businesses or investments than we can and/or bear less compliance expense than we do,

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some of our competitors may have more flexibility than us in raising certain types of investment funds under the investment management contracts they have negotiated with their investors,

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some of our competitors may have higher risk tolerances, different risk assessments or lower return thresholds, which could allow them to consider a wider variety of investments and to bid more aggressively than us for investments that we want to make or to seek exit opportunities through different channels, such as special purpose acquisition vehicles (“SPACs”),

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some of our competitors may be more successful than us in the development of new products to address investor demand for new or different investment strategies and/or regulatory changes, including with respect to products with mandates that incorporate ESG considerations, or products that are targeted toward retail or insurance capital,

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there are relatively few barriers to entry impeding new alternative asset fund management firms, and the successful efforts of new entrants into our various businesses, including former “star” portfolio managers at large diversified financial institutions as well as such institutions themselves, is expected to continue to result in increased competition,

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some of our competitors may have better expertise or be regarded by investors as having better expertise in a specific asset class or geographic region than we do,

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some of our competitors may be more successful than us in the development and implementation of new technology to address investor demand for product and strategy innovation, particularly in the hedge fund industry,

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our competitors that are corporate buyers may be able to achieve synergistic cost savings in respect of an investment, which may provide them with a competitive advantage in bidding for an investment,

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some investors may prefer to invest with an investment manager that is not publicly traded or is smaller with only one or two investment products that it manages, and

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other industry participants will from time to time seek to recruit our investment professionals and other employees away from us.

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In July 2019, proposed legislation was introduced into the U.S. Congress that contains a number of provisions that, if they were to become law, would adversely impact alternative asset management firms. Among other things, the bill would: potentially expose private funds and certain holders of economic interests therein to the liabilities of portfolio companies, require private funds to offer identical terms and benefits to all limited partners, require disclosure of names of each limited partner invested in a private fund, as well as sensitive fund-and portfolio company-level information, impose a limitation on the deductibility of interest expense only applicable to companies owned by private funds, modify settled bankruptcy law to target transactions by private equity funds, increase tax rates on carried interest, and prohibit portfolio companies from paying dividends or repurchasing their shares during the first two years following the acquisition of the portfolio company. If the proposed bill, or other similar legislation, were to become law under the current administration and Democrat controlled U.S. Congress, it would adversely affect us, our portfolio companies and our investors.

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There has been recurring consideration amongst regulators and intergovernmental institutions regarding the role of nonbank institutions in providing credit and, particularly, so-called “shadow banking,” a term generally taken to refer to credit intermediation involving entities and activities outside the regulated banking system. Federal regulators, such as the Board of Governors of the Federal Reserve System (“Federal Reserve Board”), and international organizations, such as the Financial Stability Board, are studying risks associated with nonbank lending. At this time, it is too early to assess whether any rules or regulations will be proposed or to what extent any finalized rules or regulations will have on the nonbank lending market. If nonbank lending became subject to similar regulations or oversight as traditional banks, our nonbank lending business would be adversely affected and the regulatory burden would be materially greater, which could adversely impact the implementation of our investment strategy and our returns.

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In the United States, the FSOC has the authority to designate nonbank financial companies as systemically important financial institutions (“SIFIs”). Currently, there are no nonbank financial companies with a SIFI designation. The FSOC has, however, designated certain nonbank financial companies as SIFIs in the past, and additional nonbank financial companies, which may include large asset management companies such as us, may be designated as SIFIs in the future. The FSOC’s most recent statements and actions generally indicate that it is focused on products and activities, rather than designation of entities, in its review of nonbank financial companies for potential SIFI designation, and has reviewed the asset management industry in particular. In December 2019, the FSOC issued final guidance regarding procedures for designating nonbank financial companies as SIFIs, which included shifting from an “entity-based” approach to an “activities-based” approach whereby the FSOC will primarily focus on regulating activities that pose systemic risk to the financial stability of the United States, rather than designations of individual firms. Future reviews by the FSOC of nonbank financial companies for designation as SIFIs may focus on other types of products and activities, such as nonbank lending activities conducted by certain of our businesses.

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If we were designated as a SIFI, including as a result of our asset management or nonbank lending activities, we could become subject to direct supervision by the Federal Reserve Board, and could become subject to enhanced prudential, capital, supervisory and other requirements, such as risk-based capital requirements, leverage limits, liquidity requirements, resolution plan and credit exposure report requirements, concentration limits, a contingent capital requirement, enhanced public disclosures, short-term debt limits and overall risk management requirements. Requirements such as these, which were designed to regulate banking institutions, would likely need to be modified to be applicable to an asset manager, although no proposals have been made indicating how such measures would be adapted for asset managers.

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2020 and 2021 saw a marked increase in the use of SPAC offerings and transactions, including by certain of our funds to create exit opportunities for our portfolio companies in lieu of a traditional IPO. SPAC transactions are currently exempt from rules adopted by the SEC to protect investors from blank check

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companies, such as Rule 419 under the Securities Act. Additionally, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act that generally applies to statements made by SEC registrants expressly does not apply to statements “made in connection with initial public offering[s],” but the same constraints do not currently apply to de-SPAC transactions. However, the current administration has included increased regulation of SPACs on its regulatory agenda, and it is expected that the SEC may modify existing regulations or adopt new rules relating to SPAC transactions, which could impact our ability to use SPAC transactions as a means to exit investments.

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we may create new funds in the future that reflect a different asset mix and different investment strategies (including funds whose management fees represent a more significant proportion of the fees than has historically been the case), as well as a varied geographic and industry exposure as compared to our present funds, and any such new funds could have different returns from our existing or previous funds,

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despite periods of volatility, including in connection with the COVID-19 pandemic, market conditions have been largely favorable in recent years and have recovered meaningfully since the onset of the pandemic, which has helped to generate positive performance, particularly in our private equity and real estate businesses, but there can be no assurance that such conditions will repeat or that our current or future investment funds will avail themselves of comparable market conditions,

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the rates of returns of our carry funds reflect unrealized gains as of the applicable measurement date that may never be realized, which may adversely affect the ultimate value realized from those funds’ investments,

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competition for investment opportunities resulting from, among other things, the increased amount of capital invested in alternative investment funds continues to increase,

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our investment funds’ returns in some years benefited from investment opportunities and general market conditions that may not repeat themselves, our current or future investment funds might not be able to avail themselves of comparable investment opportunities or market conditions, and the circumstances under which our current or future funds may make future investments may differ significantly from those conditions prevailing in the past,

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newly established funds may generate lower returns during the period in which they initially deploy their capital, and

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the rates of return reflect our historical cost structure, which may vary in the future due to various factors enumerated elsewhere in this report and other factors beyond our control, including changes in laws.

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give rise to an obligation to make mandatory pre-payments of debt using excess cash flow, which might limit the entity’s ability to respond to changing industry conditions to the extent additional cash is needed for the response, to make unplanned but necessary capital expenditures or to take advantage of growth opportunities,

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limit the entity’s ability to adjust to changing market conditions, thereby placing it at a competitive disadvantage compared to its competitors who have relatively less debt,

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allow even moderate reductions in operating cash flow to render it unable to service its indebtedness, leading to a bankruptcy or other reorganization of the entity and a loss of part or all of the equity investment in it,

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limit the entity’s ability to engage in strategic acquisitions that might be necessary to generate attractive returns or further growth, and

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limit the entity’s ability to obtain additional financing or increase the cost of obtaining such financing, including for capital expenditures, working capital or general corporate purposes.

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currency exchange matters, including fluctuations in currency exchange rates and costs associated with conversion of investment principal and income from one currency into another,

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less developed or efficient financial markets than in the United States, which may lead to potential price volatility and relative illiquidity,

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the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation,

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changes in laws or clarifications to existing laws that could impact our tax treaty positions, which could adversely impact the returns on our investments,

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a less developed legal or regulatory environment, differences in the legal and regulatory environment or enhanced legal and regulatory compliance,

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heightened exposure to corruption risk in non-U.S. markets,

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political hostility to investments by foreign or private equity investors,

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reliance on a more limited number of commodity inputs, service providers and/or distribution mechanisms,

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higher rates of inflation,

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higher transaction costs,

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difficulty in enforcing contractual obligations,

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fewer investor protections and less publicly available information in respect of companies in non-U.S. markets,

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certain economic and political risks, including potential exchange control regulations and restrictions on our non-U.S. investments and repatriation of profits on investments or of capital invested, the risks of political, economic or social instability, the possibility of expropriation or confiscatory taxation and adverse economic and political developments, and

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the possible imposition of non-U.S. taxes or withholding on income and gains recognized with respect to such securities.

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Ownership of infrastructure assets may present risk of liability for personal and property injury or impose significant operating challenges and costs with respect to, for example, compliance with zoning, environmental or other applicable laws.

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Infrastructure asset investments may face construction risks including, without limitation: (a) labor disputes, shortages of material and skilled labor, or work stoppages, (b) slower than projected construction progress and the unavailability or late delivery of necessary equipment, (c) less than optimal coordination with public utilities in the relocation of their facilities, (d) adverse weather conditions and unexpected construction conditions, (e) accidents or the breakdown or failure of construction equipment or processes, and (f) catastrophic events such as explosions, fires, terrorist activities and other similar events. These risks could result in substantial unanticipated delays or expenses (which may exceed expected or forecasted budgets) and, under certain circumstances, could prevent completion of construction activities once undertaken. Certain infrastructure asset investments may remain in construction phases for a prolonged period and, accordingly, may not be cash generative for a prolonged period. Recourse against the contractor may be subject to liability caps or may be subject to default or insolvency on the part of the contractor.

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The operation of infrastructure assets is exposed to potential unplanned interruptions caused by significant catastrophic or force majeure events. These risks could, among other effects, adversely impact the cash flows available from investments in infrastructure assets, cause personal injury or loss of life, damage property, or instigate disruptions of service. In addition, the cost of repairing or replacing damaged assets could be considerable. Repeated or prolonged service interruptions may result in permanent loss of customers, litigation, or penalties for regulatory or contractual non-compliance. Force majeure events that are incapable of, or too costly to, cure may also have a permanent adverse effect on an investment.

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The management of the business or operations of an infrastructure asset may be contracted to a third party management company unaffiliated with us. Although it would be possible to replace any such operator, the failure of such an operator to adequately perform its duties or to act in ways that are in our best interest, or the breach by an operator of applicable agreements or laws, rules and regulations, could have an adverse effect on the investment’s financial condition or results of operations. Infrastructure investments may involve the subcontracting of design and construction activities in respect of projects, and as a result our investments are subject to the risks that contractual provisions passing liabilities to a subcontractor could be ineffective, the subcontractor fails to perform services which it has agreed to perform and the subcontractor becomes insolvent.

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BXLS’s strategies include, among others, investments that are referred to as “pharmaceutical corporate partnership” transactions. Pharmaceutical corporate partnership transactions are risk-sharing collaborations with biopharmaceutical and medical device partners on drug and medical device development programs and investments in royalty streams of pre-commercial biopharmaceutical products. BXLS’s ability to source pharmaceutical corporate partnership transactions has been, and will continue to be, in part dependent on the ability of special purpose development companies to identify, diligence, negotiate and in many cases, take the lead in executing the agreed development plans with respect to, a pharmaceutical corporate partnership transaction. Moreover, as such special purpose development companies are jointly owned by us or our affiliates and unaffiliated life sciences investors, we (and our funds) are not the sole beneficiaries of such sourcing strategies and capabilities of such special purpose development companies. In addition, payments to BXLS under such pharmaceutical corporate partnerships (which can include future royalty or other milestone-based payments) are often contingent upon one or more approvals of the applicable product candidate and/or the achievement of certain milestones, including product sales thresholds. In addition, royalty or other milestone payments to BXLS under pharmaceutical corporate partnerships are often contingent upon one or more approvals or milestone achievements over which BXLS may not have the ability to exercise meaningful control.

•

Life sciences and healthcare companies are subject to extensive regulation by the U.S. Food and Drug Administration, similar foreign regulatory authorities and, to a lesser extent, other federal and state agencies. These companies are subject to the expense, delay and uncertainty of the product approval process, and there can be no guarantee that a particular product candidate will obtain regulatory approval. In addition, the current regulatory framework may change or additional regulations may arise at any stage during the product development phase of an investment, which may delay or prevent regulatory approval or impact applicable exclusivity periods. If a company in which our funds are invested is unable to obtain regulatory approval for a product candidate, or a product candidate in which our funds are invested does not obtain regulatory approval, in a timely fashion or at all, the value of our investment would be adversely impacted. In addition, in connection with certain pharmaceutical corporate partnership transactions, our special purpose development companies will be contractually obligated to run clinical trials. Further, a clinical trial (including enrollment therein) or regulatory approval process for pharmaceuticals has and may in the future be delayed, otherwise hindered or abandoned as a result of epidemics (including COVID-19), which could have a negative impact on the ability of the investment to engage in trials or receive approvals, and thereby could adversely affect the performance of the investment. In the event such clinical trials do not comply with the complicated regulatory requirements applicable thereto, such special purpose development companies may be subject to regulatory actions. In addition, if legislation is passed in the U.S. that reduces applicable exclusivity periods for drug or medical device products, this reform could result in price reductions at an earlier stage of a product’s life cycle than originally estimated by BXLS, which could reduce the cumulative financial returns on BXLS’s investment in any such product.

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•

Intellectual property often constitutes an important part of a life sciences company’s assets and competitive strengths, particularly for royalty monetization transactions. To the extent such companies’ intellectual property positions with respect to products in which BXLS invests, whether through a royalty monetization or otherwise, are challenged, invalidated or circumvented, the value of BXLS’s investment may be impaired. The success of a life sciences investment depends in part on the ability of the biopharmaceutical or medical device companies in whose products BXLS invests to obtain and defend patent rights and other intellectual property rights that are important to the commercialization of such products. The patent positions of such companies can be highly uncertain and often involve complex legal, scientific and factual questions.

•

The commercial success of products could be compromised if governmental or third party payers do not provide coverage and reimbursement, breach, rescind or modify their contracts or reimbursement policies or delay payments for such products. In both the U.S. and foreign markets, the successful sale of a life sciences company’s product depends on the ability to obtain and maintain adequate coverage and reimbursement from third party payers, including government healthcare programs and private insurance plans. Governments and third party payers continue to pursue aggressive initiatives to contain costs and manage drug utilization and are increasingly focused on the effectiveness, benefits and costs of similar treatments, which could result in lower reimbursement rates and narrower populations for whom the products in which BXLS invests will be reimbursed by payers. The current administration may seek to modify coverage and reimbursement policies for life sciences companies’ products; however, it remains unclear how and when, if at all, the administration will take such actions. To the extent an investment made by BXLS relies in whole or in part on royalties or other payments based on product sales, adequate third party payer reimbursement may not be available to enable price levels for the product sufficient for BXLS to realize an appropriate return on the investment.

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•

Certain of the funds in which we invest are newly established funds without any operating history or are managed by management companies or general partners who may not have as significant track records as a more established manager.

•

Generally, the execution of third-party hedge funds’ investment strategies is subject to the sole discretion of the management company or the general partner of such funds and we have no ability to control such investment activities.

•

Hedge funds may engage in speculative trading strategies, including short selling, which is subject to the theoretically unlimited risk of loss because there is no limit on how much the price of a security may appreciate before the short position is closed out. A fund may be subject to losses if a security lender demands return of the lent securities and an alternative lending source cannot be found or if the fund is otherwise unable to borrow securities that are necessary to hedge or cover its positions.

•

Hedge funds are exposed to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem or otherwise, thus causing the fund to suffer a loss. Counterparty risk is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the fund has concentrated its transactions with a single or small group of counterparties. Generally, hedge funds are not restricted from dealing with any particular counterparty or from concentrating any or all of their transactions with one counterparty. Moreover, the funds’ internal consideration of the creditworthiness of their counterparties may prove insufficient. The absence of a regulated market to facilitate settlement may increase the potential for losses.

•

Credit risk may arise through a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by the other institutions. This “systemic risk” may adversely affect the financial intermediaries (such as clearing agencies, clearing houses, banks, securities firms and exchanges) with which the hedge funds interact on a daily basis.

•

The efficacy of investment and trading strategies depend largely on the ability to establish and maintain an overall market position in a combination of financial instruments. A hedge fund’s trading orders may not be executed in a timely and efficient manner due to various circumstances, including systems failures or human error. In such event, the funds might only be able to acquire some but not all of the components of the position, or if the overall position were to need adjustment, the funds might not be able to make such adjustment. As a result, the funds would not be able to achieve the market position selected by the management company or general partner of such funds, and might incur a loss in liquidating their position.

•

Hedge funds are subject to risks due to potential illiquidity of assets. Hedge funds may make investments or hold trading positions in markets that are volatile and which may become illiquid. Timely divestiture or sale of trading positions can be impaired by decreased trading volume, increased price volatility, concentrated trading positions, limitations on the ability to transfer positions in highly specialized or structured transactions to which they may be a party, and changes in industry and government regulations. It may be impossible or costly for hedge funds to liquidate positions rapidly in order to meet margin calls, withdrawal requests or otherwise, particularly if there are other market participants seeking to dispose of similar assets at the same time or the relevant market is otherwise moving against a position or in the event of trading halts or daily price movement limits on the market or otherwise. Any “gate” or similar limitation on withdrawals with respect to hedge funds may not be effective in mitigating such risk. Moreover, these risks may be exacerbated for our funds of hedge funds. For example, if one of our funds of hedge funds were to invest a significant portion of its assets in two or more hedge funds that each had illiquid positions in the same issuer, the illiquidity risk for our funds of hedge funds would be compounded. For example, in 2008 many hedge funds, including some of our hedge funds, experienced

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significant declines in value. In many cases, these declines in value were both provoked and exacerbated by margin calls and forced selling of assets. Moreover, certain of our funds of hedge funds were invested in third party hedge funds that halted redemptions in the face of illiquidity and other issues, which precluded those funds of hedge funds from receiving their capital back on request.

•

Hedge fund investments are subject to risks relating to investments in commodities, futures, options and other derivatives, the prices of which are highly volatile and may be subject to the theoretically unlimited risk of loss in certain circumstances, including if the fund writes a call option. Price movements of commodities, futures and options contracts and payments pursuant to swap agreements are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments and national and international political and economic events and policies. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them and prevailing exchange rates. In addition, hedge funds’ assets are subject to the risk of the failure of any of the exchanges on which their positions trade or of their clearinghouses or counterparties. Most U.S. commodities exchanges limit fluctuations in certain commodity interest prices during a single day by imposing “daily price fluctuation limits” or “daily limits,” the existence of which may reduce liquidity or effectively curtail trading in particular markets.

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•

A conversion of the legal entity form of Blackstone,

•

A transfer, domestication or continuance of Blackstone to a foreign jurisdiction,

•

Any amendment of our certificate of incorporation to change the par value of our common stock or the powers, preferences or special rights of our common stock in a way that would affect our common stock adversely,

•

Any amendment of our certificate of incorporation that requires for action the vote of a greater number or portion of the holders of common stock than is required by any section of Delaware law, and

•

Any amendment of our certificate of incorporation to elect to become a close corporation under Delaware law.

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•

A sale, exchange or disposition of all or substantially all of our assets,

•

A merger, consolidation or other business combination,

•

Any amendment of our certificate of incorporation or bylaws enlarging the obligations of the common stockholders,

•

Any amendment of our certificate of incorporation requiring the vote of the holders of a percentage of the voting power of the outstanding common stock and Series I preferred stock, voting together as a single class, to take any action in a manner that would have the effect of reducing such voting percentage, and

•

Any amendments of our certificate of incorporation that are not included in the specified set of amendments that the Series II Preferred Stockholder has the sole right to vote on.

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•

permitting our board of directors to issue one or more series of preferred stock,

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•

providing for the loss of voting rights for the common stock,

•

requiring advance notice for stockholder proposals and nominations if they are ever permitted by applicable law,

•

placing limitations on convening stockholder meetings,

•

prohibiting stockholder action by written consent unless such action is consent to by the Series II Preferred Stockholder, and

•

imposing super-majority voting requirements for certain amendments to our certificate of incorporation.

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Item 1B.

Unresolved Staff Comments

Item 2.

Properties

Item 3.

Legal Proceedings

Item 4.

Mine Safety Disclosures

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Item 5.

Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

		2021				2020
First Quarter		$	0.82			$	0.39
Second Quarter			0.70				0.37
Third Quarter			1.09				0.54
Fourth Quarter			1.45				0.96
		$	4.06			$	2.26

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Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (Dollars in Thousands) (a)
Oct. 1 - Oct. 31, 2021			41,666			$	138.20				41,666			$	396,822
Nov. 1 - Nov. 30, 2021			437,493			$	144.01				437,493			$	333,817
Dec. 1 - Dec. 31, 2021			3,739,687			$	134.50				3,739,687			$	1,500,000
			4,218,846								4,218,846

(a)

On December 7, 2021, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. See “— Item 8. Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 16. Earnings Per Share and Stockholders’ Equity — Share Repurchase Program” and “— Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Share Repurchase Program” for further information regarding this repurchase program.

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Item 6.

(Reserved)

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

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(a)

the fair value of the investments held by our carry funds and our side-by-side and co-investment entities managed by us plus the capital that we are entitled to call from investors in those funds and entities pursuant to the terms of their respective capital commitments, including capital commitments to funds that have yet to commence their investment periods,

(b)

the net asset value of (1) our hedge funds, real estate debt carry funds, BPP, certain co-investments managed by us, certain credit-focused funds, and our Hedge Fund Solutions drawdown funds (plus, in each case, the capital that we are entitled to call from investors in those funds, including commitments yet to commence their investment periods), and (2) our funds of hedge funds, our Hedge Fund Solutions registered investment companies, BREIT, and BEPIF,

(c)

the invested capital, fair value or net asset value of assets we manage pursuant to separately managed accounts,

(d)

the amount of debt and equity outstanding for our CLOs during the reinvestment period,

(e)

the aggregate par amount of collateral assets, including principal cash, for our CLOs after the reinvestment period,

(f)

the gross or net amount of assets (including leverage where applicable) for our credit-focused registered investment companies,

(g)

the fair value of common stock, preferred stock, convertible debt, term loans or similar instruments issued by BXMT, and

(h)

borrowings under and any amounts available to be borrowed under certain credit facilities of our funds.

(a)

for our Private Equity segment funds and Real Estate segment carry funds, including certain BREDS and Hedge Fund Solutions funds, the amount of capital commitments, remaining invested capital, fair value, net asset value or par value of assets held, depending on the fee terms of the fund,

(b)

for our credit-focused carry funds, the amount of remaining invested capital (which may include leverage) or net asset value, depending on the fee terms of the fund,

(c)

the remaining invested capital or fair value of assets held in co-investment vehicles managed by us on which we receive fees,

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(d)

the net asset value of our funds of hedge funds, hedge funds, BPP, certain co-investments managed by us, certain registered investment companies, BREIT, and certain of our Hedge Fund Solutions drawdown funds,

(e)

the invested capital, fair value of assets or the net asset value we manage pursuant to separately managed accounts,

(f)

the net proceeds received from equity offerings and accumulated distributable earnings of BXMT, subject to certain adjustments,

(g)

the aggregate par amount of collateral assets, including principal cash, of our CLOs, and

(h)

the gross amount of assets (including leverage) or the net assets (plus leverage where applicable) for certain of our credit-focused registered investment companies.

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		Year Ended December 31,												2021 vs. 2020								2020 vs. 2019
		2021				2020				2019				$				%				$				%
		(Dollars in Thousands)
Revenues
Management and Advisory Fees, Net		$	5,170,707			$	4,092,549			$	3,472,155			$	1,078,158				26%			$	620,394				18%
Incentive Fees			253,991				138,661				129,911				115,330				83%				8,750				7%
Investment Income (Loss)
Performance Allocations
Realized			5,653,452				2,106,000				1,739,000				3,547,452				168%				367,000				21%
Unrealized			8,675,246				(384,393	)			1,126,332				9,059,639				n/m				(1,510,725	)			n/m
Principal Investments
Realized			1,003,822				391,628				393,478				612,194				156%				(1,850	)			—
Unrealized			1,456,201				(114,607	)			215,003				1,570,808				n/m				(329,610	)			n/m
Total Investment Income			16,788,721				1,998,628				3,473,813				14,790,093				740%				(1,475,185	)			-42%
Interest and Dividend Revenue			160,643				125,231				182,398				35,412				28%				(57,167	)			-31%
Other			203,086				(253,142	)			79,993				456,228				n/m				(333,135	)			n/m
Total Revenues			22,577,148				6,101,927				7,338,270				16,475,221				270%				(1,236,343	)			-17%
Expenses
Compensation and Benefits
Compensation			2,161,973				1,855,619				1,820,330				306,354				17%				35,289				2%
Incentive Fee Compensation			98,112				44,425				44,300				53,687				121%				125				—
Performance Allocations Compensation
Realized			2,311,993				843,230				662,942				1,468,763				174%				180,288				27%
Unrealized			3,778,048				(154,516	)			540,285				3,932,564				n/m				(694,801	)			n/m
Total Compensation and Benefits			8,350,126				2,588,758				3,067,857				5,761,368				223%				(479,099	)			-16%
General, Administrative and Other			917,847				711,782				679,408				206,065				29%				32,374				5%
Interest Expense			198,268				166,162				199,648				32,106				19%				(33,486	)			-17%
Fund Expenses			10,376				12,864				17,738				(2,488	)			-19%				(4,874	)			-27%
Total Expenses			9,476,617				3,479,566				3,964,651				5,997,051				172%				(485,085	)			-12%
Other Income (Loss)
Change in Tax Receivable Agreement Liability			(2,759	)			(35,383	)			161,567				32,624				-92%				(196,950	)			n/m
Net Gains from Fund Investment Activities			461,624				30,542				282,829				431,082				n/m				(252,287	)			-89%
Total Other Income (Loss)			458,865				(4,841	)			444,396				463,706				n/m				(449,237	)			n/m
Income Before Provision (Benefit) for Taxes			13,559,396				2,617,520				3,818,015				10,941,876				418%				(1,200,495	)			-31%
Provision (Benefit) for Taxes			1,184,401				356,014				(47,952	)			828,387				233%				403,966				n/m
Net Income			12,374,995				2,261,506				3,865,967				10,113,489				447%				(1,604,461	)			-42%
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			5,740				(13,898	)			(121	)			19,638				n/m				(13,777	)			n/m
Net Income Attributable to Non-Controlling Interests in Consolidated Entities			1,625,306				217,117				476,779				1,408,189				649%				(259,662	)			-54%
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			4,886,552				1,012,924				1,339,627				3,873,628				382%				(326,703	)			-24%
Net Income Attributable to Blackstone Inc.		$	5,857,397			$	1,045,363			$	2,049,682			$	4,812,034				460%			$	(1,004,319	)			-49%

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•

The increase of $5.2 billion in our Real Estate segment was primarily attributable to higher net unrealized appreciation of investment holdings in our BREP and Core+ real estate funds in the year ended December 31, 2021 compared to the year ended December 31, 2020. The carrying value of investments for BREP funds increased 43.8% for the year ended December 31, 2021 compared to 3.4% for the year ended December 31, 2020. The carrying value of investments for Core+ real estate increased 25.0% for the year ended December 31, 2021 compared to 7.9% for the year ended December 31, 2020.

•

The increase of $3.7 billion in our Private Equity segment was primarily attributable to higher net unrealized appreciation of investment holdings in corporate private equity, Strategic Partners and Tactical Opportunities in the year ended December 31, 2021 compared to the year ended December 31, 2020. Corporate private equity, Strategic Partners and Tactical Opportunities carrying value increased 42.2%, 61.2% and 34.9%, respectively, for the year ended December 31, 2021 compared to 11.9%, 0.1% and 14.1%, respectively, for the year ended December 31, 2020.

•

The increase of $517.9 million in our Credit & Insurance segment was primarily attributable to net unrealized appreciation of investments in our private credit strategies in the year ended December 31, 2021 compared to net unrealized depreciation in the year ended December 31, 2020.

•

The increase of $461.6 million in our Hedge Fund Solutions segment was primarily attributable to net unrealized appreciation of investment holdings in individual investor and specialized solutions, customized solutions and commingled products.

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		Year Ended December 31,
		2021				2020				2019
		(Dollars in Thousands)
Income Before Provision (Benefit) for Taxes		$	13,559,396			$	2,617,520			$	3,818,015
Provision (Benefit) for Taxes		$	1,184,401			$	356,014			$	(47,952	)
Effective Income Tax Rate			8.7	%			13.6	%			-1.3	%

		Year Ended December 31,												2021 vs.				2020 vs.
		2021				2020				2019				2020				2019
Statutory U.S. Federal Income Tax Rate			21.0	%			21.0	%			21.0	%			—				—
Income Passed Through to Common Shareholders and Non-Controlling Interest Holders (a)(b)			-10.2	%			-10.1	%			-13.5	%			-0.1	%			3.4	%
State and Local Income Taxes			2.1	%			2.4	%			1.6	%			-0.3	%			0.8	%
Change to a Taxable Corporation			—				1.4	%			-10.3	%			-1.4	%			11.7	%
Change in Valuation Allowance (c)			-4.1	%			-2.8	%			-0.8	%			-1.3	%			-2.0	%
Other (a)			-0.1	%			1.7	%			0.7	%			-1.8	%			1.0	%
Effective Income Tax Rate			8.7	%			13.6	%			-1.3	%			-4.9	%			14.9	%

(a)

Effective June 30, 2021, Blackstone recategorized certain components of its effective income tax reconciliation. Accordingly, certain components related to income attributable to non-controlling interest holders were recategorized from Income Passed Through to Non-Controlling Interest Holders to Other. Prior periods have been recast accordingly. The recategorization had no effect on Blackstone’s Provision for Taxes.

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(b)	Includes income that was not taxable to Blackstone and its subsidiaries. Such income was directly taxable to shareholders of Blackstone’s common stock for the period prior to the Conversion and remains taxable to Blackstone’s non-controlling interest holders.

(c)	The Change in Valuation Allowance for the year ended December 31, 2019 represents the change from July 1, 2019 to December 31, 2019, following the change to a taxable corporation.

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		Year Ended December 31,
		2021																				2020
		Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total				Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	149,121,461			$	129,539,630			$	74,126,610			$	116,645,413			$	469,433,114			$	128,214,137			$	97,773,964			$	75,636,004			$	106,450,747			$	408,074,852
Inflows (a)			73,051,751				37,527,024				10,656,310				103,311,869				224,546,954				28,071,474				45,359,946				9,712,930				26,035,009				109,179,359
Outflows (b)			(3,092,934	)			(3,693,890	)			(14,704,010	)			(11,948,060	)			(33,438,894	)			(3,517,881	)			(5,956,364	)			(12,538,753	)			(9,417,126	)			(31,430,124	)
Net Inflows (Outflows)			69,958,817				33,833,134				(4,047,700	)			91,363,809				191,108,060				24,553,593				39,403,582				(2,825,823	)			16,617,883				77,749,235
Realizations (c)			(14,210,387	)			(13,187,981	)			(1,569,057	)			(12,775,234	)			(41,742,659	)			(9,007,492	)			(7,290,931	)			(1,346,147	)			(5,506,288	)			(23,150,858	)
Market Activity (d)(g)			16,606,808				6,372,176				5,524,715				2,666,844				31,170,543				5,361,223				(346,985	)			2,662,576				(916,929	)			6,759,885
Balance, End of Period (e)		$	221,476,699			$	156,556,959			$	74,034,568			$	197,900,832			$	649,969,058			$	149,121,461			$	129,539,630			$	74,126,610			$	116,645,413			$	469,433,114
Increase (Decrease)		$	72,355,238			$	27,017,329			$	(92,042	)		$	81,255,419			$	180,535,944			$	20,907,324			$	31,765,666			$	(1,509,394	)		$	10,194,666			$	61,358,262
Increase (Decrease)			49	%			21	%			—				70	%			38	%			16	%			32	%			-2	%			10	%			15	%
Annualized Base Management Fee Rate (f)			1.09	%			1.10	%			0.86	%			0.55	%			0.92	%			1.14	%			1.00	%			0.81	%			0.57	%			0.91	%

		Year Ended December 31,
		2019
		Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	93,252,724			$	80,008,166			$	72,280,606			$	96,986,011			$	342,527,507
Inflows (a)			52,424,662				27,260,480				11,488,234				21,069,189				112,242,565
Outflows (b)			(9,690,143	)			(2,352,716	)			(11,928,940	)			(9,067,554	)			(33,039,353	)
Net Inflows (Outflows)			42,734,519				24,907,764				(440,706	)			12,001,635				79,203,212
Realizations (c)			(11,353,675	)			(7,212,993	)			(1,153,785	)			(5,629,089	)			(25,349,542	)
Market Activity (d)(g)			3,580,569				71,027				4,949,889				3,092,190				11,693,675
Balance, End of Period (e)		$	128,214,137			$	97,773,964			$	75,636,004			$	106,450,747			$	408,074,852
Increase		$	34,961,413			$	17,765,798			$	3,355,398			$	9,464,736			$	65,547,345
Increase			37	%			22	%			5	%			10	%			19	%
Annualized Base Management Fee Rate (f)			1.02	%			1.08	%			0.75	%			0.57	%			0.86	%

---

		Year Ended December 31,
		2021																				2020
		Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total				Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	187,191,247			$	197,549,222			$	79,422,869			$	154,393,590			$	618,556,928			$	163,156,064			$	182,886,109			$	80,738,112			$	144,342,178			$	571,122,463
Inflows (a)			75,257,777				53,858,227				11,921,965				129,433,685				270,471,654				33,426,600				23,030,463				10,415,356				28,141,077				95,013,496
Outflows (b)			(5,145,881	)			(2,969,032	)			(14,562,917	)			(13,411,898	)			(36,089,728	)			(3,836,842	)			(2,707,863	)			(13,353,437	)			(9,380,391	)			(29,278,533	)
Net Inflows (Outflows)			70,111,896				50,889,195				(2,640,952	)			116,021,787				234,381,926				29,589,758				20,322,600				(2,938,081	)			18,760,686				65,734,963
Realizations (c)			(19,490,016	)			(36,616,307	)			(1,627,766	)			(19,475,414	)			(77,209,503	)			(16,256,579	)			(17,304,777	)			(1,392,894	)			(7,670,738	)			(42,624,988	)
Market Activity (d)(h)(i)			41,660,978				49,648,897				6,179,990				7,682,504				105,172,369				10,702,004				11,645,290				3,015,732				(1,038,536	)			24,324,490
Balance, End of Period (e)		$	279,474,105			$	261,471,007			$	81,334,141			$	258,622,467			$	880,901,720			$	187,191,247			$	197,549,222			$	79,422,869			$	154,393,590			$	618,556,928
Increase (Decrease)		$	92,282,858			$	63,921,785			$	1,911,272			$	104,228,877			$	262,344,792			$	24,035,183			$	14,663,113			$	(1,315,243	)		$	10,051,412			$	47,434,465
Increase (Decrease)			49	%			32	%			2	%			68	%			42	%			15	%			8	%			-2	%			7	%			8	%

		Year Ended December 31,
		2019
		Real Estate				Private Equity				Hedge Fund Solutions				Credit & Insurance				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	136,247,229			$	130,665,286			$	77,814,516			$	127,515,286			$	472,242,317
Inflows (a)			34,190,566				56,836,570				12,242,855				31,107,288				134,377,279
Outflows (b)			(2,664,717	)			(1,065,445	)			(13,433,702	)			(11,629,269	)			(28,793,133	)
Net Inflows (Outflows)			31,525,849				55,771,125				(1,190,847	)			19,478,019				105,584,146
Realizations (c)			(18,097,899	)			(13,540,914	)			(1,271,968	)			(7,291,045	)			(40,201,826	)
Market Activity (d)(h)(i)			13,480,885				9,990,612				5,386,411				4,639,918				33,497,826
Balance, End of Period (e)		$	163,156,064			$	182,886,109			$	80,738,112			$	144,342,178			$	571,122,463
Increase		$	26,908,835			$	52,220,823			$	2,923,596			$	16,826,892			$	98,880,146
Increase			20	%			40	%			4	%			13	%			21	%

---

(a)	Inflows include contributions, capital raised, other increases in available capital (recallable capital and increased side-by-side commitments), purchases, inter-segment allocations and acquisitions.

(b)	Outflows represent redemptions, client withdrawals and decreases in available capital (expired capital, expense drawdowns and decreased side-by-side commitments).

(c)	Realizations represent realization proceeds from the disposition or other monetization of assets, current income or capital returned to investors from CLOs.

(d)	Market activity includes realized and unrealized gains (losses) on portfolio investments and the impact of foreign exchange rate fluctuations.

(e)	Total and Fee-Earning Assets Under Management are reported in the segment where the assets are managed.

(f)	Annualized Base Management Fee Rate represents annualized year to date Base Management Fee divided by the average of the beginning of year and each quarter end’s Fee-Earning Assets Under Management in the reporting period.

(g)

For the year ended December 31, 2021, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $(2.1) billion, $(1.1) billion and $(3.2) billion for the Real Estate, Credit & Insurance and Total segments, respectively. For the year ended December 31, 2020, the impact to Fee-Earning Assets Under Management due to foreign exchange rate fluctuations was $2.4 billion, $1.0 billion and $3.5 billion for the Real Estate, Credit & Insurance and Total segments, respectively. For the year ended December 31, 2019, such impact was $(94.9) million, $(280.6) million and $(375.5) million for the Real Estate, Credit & Insurance and Total segments, respectively.

(h)

For the year ended December 31, 2021, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $(3.2) billion, $(1.2) billion, $(1.2) billion and $(5.6) billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively. For the year ended December 31, 2020, the impact to Total Assets Under Management due to foreign exchange rate fluctuations was $4.2 billion, $642.6 million, $1.2 billion and $6.1 billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively. For the year ended December 31, 2019, such impact was $(908.4) million, $238.8 million, $(233.0) million and $(902.6) million for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively.

(i)

Effective for the three months ended June 30, 2021, the methodology for Total Assets Under Management was updated to exclude permanent fund leverage where the intended use is not for investing purposes. Funds without an adjustment were either already applying the methodology in reporting Total Assets Under Management or the update was not applicable. Additional detail on these adjustments is included below:

•

Inflows of $224.5 billion related to:

o

$103.3 billion in our Credit & Insurance segment driven by $34.5 billion from certain liquid credit strategies, $23.4 billion from direct lending, $13.8 billion from private placements credit, $12.3 billion from asset-based lending funds, $9.4 billion from CLOs, $6.0 billion from BIS, $1.7 billion from mezzanine funds and $1.1 billion from energy strategies,

---

o

$73.1 billion in our Real Estate segment driven by $36.4 billion from BREDS related to Everlake and AIG L&R and capital being deployed, $26.7 billion from BREIT, $6.6 billion from BPP and co-investment, $2.4 billion from BPP Life Sciences, and $818.1 million from BREP and co-investment,

o

$37.5 billion in our Private Equity segment driven by $15.8 billion from Strategic Partners, $10.2 billion from corporate private equity, $5.9 billion from Tactical Opportunities, $3.9 billion from BIP and $1.5 billion from BXG, and

o

$10.7 billion in our Hedge Fund Solutions segment driven by $6.7 billion from individual investor and specialized solutions, $3.0 billion from customized solutions and $881.5 million from commingled products.

•

Market activity of $31.2 billion primarily attributable to:

o

$16.6 billion of market appreciation in our Real Estate segment driven by appreciation of $17.0 billion from Core+ real estate (which included $1.2 billion of foreign exchange depreciation), partially offset by foreign exchange depreciation of $873.1 million from BREP and co-investment,

o

$6.4 billion of market appreciation in our Private Equity segment driven by $4.3 billion from Strategic Partners and $2.2 billion from BIP.

o

$5.5 billion of market appreciation in our Hedge Fund Solutions segment driven by returns from BAAM’s Principal Solutions Composite of 8.1% gross (7.2% net), and

o

$2.7 billion of market appreciation in our Credit & Insurance segment driven by appreciation of $2.3 billion from MLP strategies, $857.1 million from direct lending and $322.5 million from certain liquid credit strategies, partially offset by market depreciation of $783.5 million from CLOs, all of which included $1.1 billion of foreign exchange depreciation across the segment.

•

Realizations of $41.7 billion primarily driven by:

o

$14.2 billion in our Real Estate segment driven by $6.2 billion from BREDS, $4.5 billion from Core+ real estate and $3.4 billion from BREP and co-investment,

o

$13.2 billion in our Private Equity segment driven by $4.7 billion from Strategic Partners, $4.5 billion from corporate private equity and $3.3 billion from Tactical Opportunities, and

o

$12.8 billion in our Credit & Insurance segment driven by $3.9 billion from CLOs, $3.4 billion from direct lending, $1.9 billion from mezzanine funds, $1.6 billion from stressed/distressed strategies and $1.2 billion from energy strategies.

---

•

Outflows of $33.4 billion primarily attributable to:

o

$14.7 billion in our Hedge Fund Solutions segment driven by $9.3 billion from customized solutions, $2.7 billion from commingled products and $2.7 billion from individual investor and specialized solutions,

o

$11.9 billion in our Credit & Insurance segment driven by $5.4 billion from certain liquid credit strategies, $2.7 billion from BIS, $1.7 billion from MLP strategies, $494.7 million from CLOs and $440.7 million from stressed/distressed strategies,

o

$3.7 billion in our Private Equity segment driven by $1.6 billion from Tactical Opportunities, $928.0 million from corporate private equity and $672.7 million from multi-asset products, and

o

$3.1 billion in our Real Estate segment driven by $1.5 billion from BREIT, $991.0 million from BPP and co-investment and $555.2 million from BREDS.

•

Inflows of $270.5 billion related to:

o

$129.4 billion in our Credit & Insurance segment driven by $47.0 billion from direct lending, $34.3 billion from certain liquid credit strategies, $13.8 billion from private placements credit, $12.3 billion from asset-based lending funds, $9.8 billion from CLOs, $7.7 billion from BIS, and $3.1 billion from mezzanine funds,

o

$75.3 billion in our Real Estate segment driven by $28.4 billion from BREDS related to Everlake and AIG L&R, $27.1 billion from BREIT, $8.5 billion from BREP funds, $6.7 billion from BPP and co-investment, and $4.3 billion from BPP Life Sciences,

o

$53.9 billion in our Private Equity segment driven by $22.0 billion from Strategic Partners, $12.2 billion from corporate private equity, $8.3 billion from Tactical Opportunities, $6.7 billion from BIP, $2.5 billion from BXG and $1.7 billion from BXLS, and

o

$11.9 billion in our Hedge Fund Solutions segment driven by $8.6 billion from individual investor and specialized solutions, $2.3 billion from customized solutions and $1.0 billion from commingled products.

•

For our direct lending funds, Total Assets Under Management inflows are reported at their gross value while, for certain funds, Fee-Earning Assets Under Management are reported as net assets, which is the basis on which we charge fees.

•

For BREP, due to the difference between fund closings and the commencement of the investment period. Total Assets Under Management inflows are reported at each closing whereas the $6.4 billion will be reflected in Fee-Earning Assets Under Management inflows when the investment period commences for BREP Asia III.

•

For Strategic Partners, primarily due to funds with a maximum management fee basis of investor commitments and non-fee-paying co-investment capital.

---

•

Market activity of $105.2 billion primarily driven by:

o

$49.6 billion of market appreciation in our Private Equity segment driven by carrying value increases in corporate private equity, Strategic Partners, and Tactical Opportunities of 42.2%, 61.2% and 34.9%, respectively, which includes $1.2 billion of foreign exchange depreciation across the segment,

o

$41.7 billion of market appreciation in our Real Estate segment driven by carrying value increases in BREP and Core+ real estate of 43.8% and 25.0%, during the year, respectively, which includes $3.2 billion of foreign exchange depreciation across the segment,

o

$7.7 billion of market appreciation in our Credit & Insurance segment driven by appreciation of $2.6 billion from MLP strategies, $2.0 billion from direct lending, $1.4 billion from mezzanine funds, $1.2 billion from energy strategies and $871.9 million from stressed/distressed strategies, partially offset by market depreciation of $772.4 million from CLOs, all of which included $1.2 billion of foreign exchange depreciation across the segment, and

o

$6.2 billion of market appreciation in our Hedge Fund Solutions segment driven by reasons noted above in Fee-Earning Assets Under Management.

•

Realizations of $77.2 billion primarily driven by:

o

$36.6 billion in our Private Equity segment driven by $17.5 billion from corporate private equity, $9.5 billion from Strategic Partners and $8.1 billion from Tactical Opportunities,

o

$19.5 billion in our Real Estate segment driven by $12.5 billion from BREP and co-investment, $4.6 billion from Core+ real estate and $2.4 billion from BREDS, and

o

$19.5 billion in our Credit & Insurance segment driven by $6.6 billion from direct lending, $4.0 billion from CLOs, $3.5 billion from mezzanine funds, $2.4 billion from stressed/distressed strategies and $2.1 billion from energy strategies.

•

Outflows of $36.1 billion primarily attributable to:

o

$14.6 billion in our Hedge Fund Solutions segment driven by $8.5 billion from customized solutions, $3.1 billion from individual investor and specialized solutions and $2.9 billion from commingled products,

o

$13.4 billion in our Credit & Insurance segment driven by $5.8 billion from certain liquid credit strategies, $2.7 billion from BIS, $1.9 billion from MLP strategies, $1.1 billion from direct lending and $760.5 million from CLOs,

---

o

$5.1 billion in our Real Estate segment driven by $2.2 billion from BREDS, $1.5 billion from BREIT, $991.2 million from BPP and co-investment and $455.4 million from BREP and co-investment, and

o

$3.0 billion in our Private Equity segment driven by $1.2 billion from Tactical Opportunities, $692.2 million from Strategic Partners, $379.2 million from multi-asset products and $240.6 million from corporate private equity.

(a)

Represents illiquid drawdown funds, a component of Perpetual Capital and fee-paying co-investments; includes fee-paying third party capital as well as general partner and employee capital that does not earn fees. Amounts are reduced by outstanding capital commitments, for which capital has not yet been invested.

---

		December 31,
		2021				2020
		(Dollars in Millions)
Real Estate
BREP IV		$	22			$	9
BREP V			36				13
BREP VI			33				42
BREP VII			481				236
BREP VIII			962				475
BREP IX			901				137
BREP Europe IV			89				97
BREP Europe V			521				211
BREP Europe VI			253				—
BREP Asia I			126				127
BREP Asia II			162				—
BPP			505				264
BEPIF			2				—
BREDS			46				23
BTAS			57				21
Total Real Estate (a)			4,197				1,656
Private Equity
BCP IV			8				18
BCP V			45				—
BCP VI			469				680
BCP VII			1,313				688
BCP VIII			275				—
BCP Asia I			380				72
BEP I			27				29
BEP III			68				16
BCEP I			214				105
Tactical Opportunities			382				189
BXG			36				15
Strategic Partners			489				105
BXLS			21				10
BTAS/Other			211				45
Total Private Equity (a)			3,939				1,971
Hedge Fund Solutions			280				29
Credit & Insurance			323				170
Total Blackstone Net Accrued Performance Revenues		$	8,738			$	3,826

(a)	Real Estate and Private Equity include co-investments, as applicable

---

---

•

$75.7 billion from AIG L&R and Everlake. The assets for AIG L&R and Everlake are reported in the segment where they are managed and therefore contribute to the increases in our Real Estate, Private Equity and Credit & Insurance segments.

•

In our Credit & Insurance segment, net Total Assets Under Management growth in direct lending resulted in an increase of $38.4 billion, which included the launch of BCRED during the year ended December 31, 2021.

---

•

In our Real Estate segment, net Total Assets Under Management growth in BREIT, BPP and co-investment and BPP Life Sciences resulted in increases of $31.6 billion, $8.4 billion and $6.4 billion, respectively.

•

In our Private Equity segment, net Total Assets Under Management growth in BIP resulted in an increase of $8.2 billion.

•

In our Real Estate segment, net Total Assets Under Management growth in BREIT, BPP and co-investment and the launch of BPP Life Sciences resulted in increases of $9.3 billion, $4.2 billion and $7.7 billion, respectively.

•

In our Credit & Insurance segment, net Total Assets Under Management growth in direct lending and BIS resulted in increases of $2.4 billion and $2.1 billion, respectively.

---

Fund (Investment Period		Committed				Available				Unrealized Investments												Realized Investments								Total Investments								Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital				Capital (b)				Value				MOIC (c)				% Public				Value				MOIC (c)				Value				MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Real Estate
Pre-BREP		$	140,714			$	—			$	—				n/a				—			$	345,190				2.5x			$	345,190				2.5x				33	%			33	%
BREP I (Sep 1994 / Oct 1996)			380,708				—				—				n/a				—				1,327,708				2.8x				1,327,708				2.8x				40	%			40	%
BREP II (Oct 1996 / Mar 1999)			1,198,339				—				—				n/a				—				2,531,614				2.1x				2,531,614				2.1x				19	%			19	%
BREP III (Apr 1999 / Apr 2003)			1,522,708				—				—				n/a				—				3,330,406				2.4x				3,330,406				2.4x				21	%			21	%
BREP IV (Apr 2003 / Dec 2005)			2,198,694				—				86,217				1.7x				65	%			4,579,740				1.7x				4,665,957				1.7x				13	%			12	%
BREP V (Dec 2005 / Feb 2007)			5,539,418				230,597				225,785				1.9x				96	%			13,222,089				2.3x				13,447,874				2.3x				11	%			11	%
BREP VI (Feb 2007 / Aug 2011)			11,060,444				550,464				368,991				2.0x				79	%			27,395,812				2.5x				27,764,803				2.5x				13	%			13	%
BREP VII (Aug 2011 / Apr 2015)			13,496,823				1,513,419				7,227,075				1.6x				4	%			23,739,753				2.1x				30,966,828				2.0x				22	%			15	%
BREP VIII (Apr 2015 / Jun 2019)			16,576,617				2,408,621				17,141,352				1.7x				—				17,214,412				2.4x				34,355,764				2.0x				29	%			18	%
*BREP IX (Jun 2019 / Dec 2024)			21,007,890				9,286,121				20,046,447				1.7x				2	%			3,831,613				1.7x				23,878,060				1.7x				69	%			43	%
Total Global BREP		$	73,122,355			$	13,989,222			$	45,095,867				1.7x				3	%		$	97,518,337				2.3x			$	142,614,204				2.1x				17	%			16	%
BREP Int’l (Jan 2001 / Sep 2005)		€	824,172			€	—			€	—				n/a				—			€	1,373,170				2.1x			€	1,373,170				2.1x				23	%			23	%
BREP Int’l II (Sep 2005 / Jun 2008) (e)			1,629,748				—				—				n/a				—				2,583,032				1.8x				2,583,032				1.8x				8	%			8	%
BREP Europe III (Jun 2008 / Sep 2013)			3,205,167				418,580				301,469				0.5x				—				5,790,308				2.4x				6,091,777				2.0x				19	%			14	%
BREP Europe IV (Sep 2013 / Dec 2016)			6,675,950				1,358,287				1,859,069				1.3x				—				9,660,569				2.0x				11,519,638				1.8x				20	%			14	%
BREP Europe V (Dec 2016 / Oct 2019)			7,937,730				1,507,062				9,423,656				1.6x				—				2,244,531				2.7x				11,668,187				1.8x				40	%			14	%
*BREP Europe VI (Oct 2019 / Apr 2025)			9,838,021				5,535,286				6,465,502				1.5x				1	%			336,091				1.8x				6,801,593				1.5x				58	%			33	%
Total BREP Europe		€	30,110,788			€	8,819,215			€	18,049,696				1.5x				—			€	21,987,701				2.1x			€	40,037,397				1.8x				16	%			13	%

---

Fund (Investment Period		Committed				Available				Unrealized Investments												Realized Investments								Total Investments								Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital				Capital (b)				Value				MOIC (c)				% Public				Value				MOIC (c)				Value				MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Real Estate (continued)
BREP Asia I (Jun 2013 / Dec 2017)		$	4,261,983			$	916,881			$	2,552,222				1.4x				16	%		$	6,021,459				2.1x			$	8,573,681				1.9x				21	%			13	%
*BREP Asia II (Dec 2017 / Jun 2023)			7,339,220				2,425,009				6,713,549				1.4x				4	%			580,190				1.8x				7,293,739				1.4x				50	%			13	%
BREP Asia III (TBD)			6,381,667				6,381,667				—				n/a				—				—				n/a				—				n/a				n/a				n/a
BREP Co-Investment (f)			7,055,974				31,920				796,536				2.1x				1	%			14,948,870				2.2x				15,745,406				2.2x				16	%			16	%
Total BREP		$	133,185,559			$	33,772,146			$	75,965,536				1.6x				3	%		$	146,475,632				2.2x			$	222,441,168				2.0x				17	%			16	%
*Core+ BPP (Various) (g)		$	n/a			$	n/a			$	57,324,295				n/a				—			$	10,728,817				n/a			$	68,053,112				n/a				n/a				11	%
*Core+ BREIT (Various) (h)			n/a				n/a				54,080,977				n/a				—				1,480,927				n/a				55,561,904				n/a				n/a				13	%
*BREDS High-Yield (Various) (i)			19,986,922				5,933,947				5,829,078				1.1x				—				14,959,035				1.3x				20,788,113				1.2x				11	%			10	%
Private Equity
Corporate Private Equity
BCP I (Oct 1987 / Oct 1993)		$	859,081			$	—			$	—				n/a				—			$	1,741,738				2.6x			$	1,741,738				2.6x				19	%			19	%
BCP II (Oct 1993 / Aug 1997)			1,361,100				—				—				n/a				—				3,256,819				2.5x				3,256,819				2.5x				32	%			32	%
BCP III (Aug 1997 / Nov 2002)			3,967,422				—				—				n/a				—				9,184,688				2.3x				9,184,688				2.3x				14	%			14	%
BCOM (Jun 2000 / Jun 2006)			2,137,330				24,575				16,409				n/a				—				2,953,649				1.4x				2,970,058				1.4x				6	%			6	%
BCP IV (Nov 2002 / Dec 2005)			6,773,182				169,884				128,004				1.3x				—				21,479,599				2.9x				21,607,603				2.8x				36	%			36	%
BCP V (Dec 2005 / Jan 2011)			21,009,112				1,035,259				501,086				33.9x				98	%			37,985,864				1.9x				38,486,950				1.9x				8	%			8	%
BCP VI (Jan 2011 / May 2016)			15,202,513				1,378,295				8,021,296				1.8x				46	%			23,309,039				2.3x				31,330,335				2.1x				17	%			13	%
BCP VII (May 2016 / Feb 2020)			18,854,243				1,933,503				26,725,915				1.9x				31	%			8,448,126				2.3x				35,174,041				2.0x				34	%			21	%
*BCP VIII (Feb 2020 / Feb 2026)			25,179,610				18,004,146				10,614,496				1.5x				14	%			514,890				2.9x				11,129,386				1.5x				n/m				n/m
Energy I (Aug 2011 / Feb 2015)			2,441,558				174,492				685,652				1.4x				61	%			3,740,214				2.0x				4,425,866				1.8x				15	%			11	%
Energy II (Feb 2015 / Feb 2020)			4,933,284				1,030,529				4,413,862				1.4x				31	%			1,405,060				1.0x				5,818,922				1.3x				—				4	%
*Energy III (Feb 2020 / Feb 2026)			4,303,030				3,104,547				1,952,422				1.7x				49	%			297,794				2.5x				2,250,216				1.8x				110	%			64	%
BCP Asia I (Dec 2017 / Sep 2021)			2,454,139				1,118,140				4,879,474				3.7x				68	%			959,974				5.1x				5,839,448				3.9x				118	%			74	%
*BCP Asia II (Sep 2021 / Sep 2027)			6,491,738				6,477,858				—				n/a				—				—				n/a				—				n/a				n/a				n/a
Core Private Equity I (Jan 2017 / Mar 2021) (j)			4,766,232				1,148,177				7,884,413				2.1x				—				1,845,111				3.3x				9,729,524				2.2x				49	%			27	%
*Core Private Equity II (Mar 2021 / Mar 2026) (j)			8,180,704				6,749,990				1,461,615				1.0x				—				—				n/a				1,461,615				1.0x				n/a				n/m
Total Corporate Private Equity		$	128,914,278			$	42,349,395			$	67,284,644				1.8x				30	%		$	117,122,565				2.2x			$	184,407,209				2.0x				16	%			16	%

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Fund (Investment Period		Committed				Available				Unrealized Investments												Realized Investments								Total Investments								Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital				Capital (b)				Value				MOIC (c)				% Public				Value				MOIC (c)				Value				MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various)		$	22,759,261			$	7,559,204			$	14,145,210				1.4x				14	%		$	17,666,444				1.9x			$	31,811,654				1.6x				18	%			13	%
*Tactical Opportunities Co-Investment and Other (Various)			12,949,322				5,251,126				5,963,952				1.8x				8	%			6,493,793				1.6x				12,457,745				1.7x				19	%			20	%
Total Tactical Opportunities		$	35,708,583			$	12,810,330			$	20,109,162				1.5x				12	%		$	24,160,237				1.8x			$	44,269,399				1.7x				19	%			15	%
*Growth (Jul 2020 / Jul 2025)		$	4,987,303			$	2,294,812			$	3,288,600				1.2x				13	%		$	332,887				3.2x			$	3,621,487				1.3x				n/m				43	%
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (k)			11,863,351				914,512				584,239				n/a				—				17,444,252				n/a				18,028,491				1.7x				n/a				13	%
Strategic Partners VI (Apr 2014 / Apr 2016) (k)			4,362,750				1,405,799				1,265,351				n/a				—				3,841,661				n/a				5,107,012				1.7x				n/a				15	%
Strategic Partners VII (May 2016 / Mar 2019) (k)			7,489,970				1,959,485				5,667,109				n/a				—				4,538,807				n/a				10,205,916				2.0x				n/a				23	%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (k)			1,749,807				446,763				1,185,225				n/a				—				722,811				n/a				1,908,036				1.4x				n/a				15	%
Strategic Partners VIII (Mar 2019 / Oct 2021) (k)			10,763,600				4,356,481				9,904,521				n/a				—				2,852,354				n/a				12,756,875				1.9x				n/a				62	%
*Strategic Partners Real Estate, SMA and Other (Various) (k)			7,878,498				2,567,247				3,123,973				n/a				—				2,536,724				n/a				5,660,697				1.6x				n/a				19	%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (k)			3,250,100				2,135,928				487,301				n/a				—				65,044				n/a				552,345				1.4x				n/a				93	%
*Strategic Partners IX (Oct 2021 / Jul 2026) (k)			12,787,918				10,352,530				1,214,852				n/a				—				—				n/a				1,214,852				1.0x				n/a				n/m
Total Strategic Partners (Secondaries)		$	60,145,994			$	24,138,745			$	23,432,571				n/a				—			$	32,001,653				n/a			$	55,434,224				1.7x				n/a				16	%
*Infrastructure (Various)		$	17,118,991			$	5,813,496			$	13,386,607				1.2x				27	%		$	615,083				n/a			$	14,001,690				1.2x				n/a				17	%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)			910,000				198,477				792,011				1.6x				5	%			230,278				1.9x				1,022,289				1.6x				25	%			17	%
*BXLS V (Jan 2020 / Jan 2025)			4,822,625				3,588,057				1,186,694				1.2x				7	%			—				n/a				1,186,694				1.2x				n/a				6	%

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Fund (Investment Period		Committed				Available				Unrealized Investments												Realized Investments								Total Investments								Net IRRs (d)
Beginning Date / Ending Date) (a)		Capital				Capital (b)				Value				MOIC (c)				% Public				Value				MOIC (c)				Value				MOIC (c)				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)		$	2,000,000			$	97,114			$	18,004				1.4x				—			$	4,785,346				1.6x			$	4,803,350				1.6x				n/a				17	%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)			4,120,000				1,007,436				456,774				0.4x				—				6,318,337				1.6x				6,775,111				1.4x				n/a				10	%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)			6,639,133				951,810				4,671,432				1.1x				—				4,725,460				1.6x				9,396,892				1.3x				n/a				12	%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)			5,016,771				3,917,329				1,140,074				1.0x				—				17,999				17.5x				1,158,073				1.0x				n/a				n/m
Stressed / Distressed I (Sep 2009 / May 2013)			3,253,143				76,000				—				n/a				—				5,776,841				1.3x				5,776,841				1.3x				n/a				9	%
Stressed / Distressed II (Jun 2013 / Jun 2018)			5,125,000				547,430				475,897				0.6x				—				5,163,266				1.2x				5,639,163				1.1x				n/a				2	%
*Stressed / Distressed III (Dec 2017 / Dec 2022)			7,356,380				3,477,014				2,179,843				1.0x				—				2,240,073				1.4x				4,419,916				1.2x				n/a				9	%
Energy I (Nov 2015 / Nov 2018)			2,856,867				1,049,896				997,985				1.0x				—				2,148,795				1.6x				3,146,780				1.3x				n/a				8	%
*Energy II (Feb 2019 / Feb 2024)			3,616,081				2,259,493				1,629,250				1.2x				—				674,471				1.5x				2,303,721				1.3x				n/a				32	%
European Senior Debt I (Feb 2015 / Feb 2019)		€	1,964,689			€	342,587			€	1,020,952				1.0x				—			€	2,258,855				1.4x			€	3,279,807				1.2x				n/a				6	%
*European Senior Debt II (Jun 2019 / Jun 2024)		€	4,088,344			€	2,392,801			€	2,821,177				1.0x				—			€	955,757				1.3x			€	3,776,934				1.1x				n/a				18	%
Total Credit Drawdown Funds (l)		$	46,889,033			$	16,494,206			$	15,938,527				1.0x				—			$	35,541,870				1.4x			$	51,480,397				1.3x				n/a				10	%
*Direct Lending BCRED (Various) (m)		$	n/a			$	n/a			$	12,854,821				n/a				—			$	315,805				n/a			$	13,170,626				n/a				n/a				12	%

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n/m	Not meaningful generally due to the limited time since initial investment.

n/a	Not applicable.

SMA	Separately managed account.

*	Represents funds that are currently in their investment period and open-ended funds.

(a)	Excludes investment vehicles where Blackstone does not earn fees.

(b)	Available Capital represents total investable capital commitments, including side-by-side, adjusted for certain expenses and expired or recallable capital and may include leverage, less invested capital. This amount is not reduced by outstanding commitments to investments.

(c)	Multiple of Invested Capital (“MOIC”) represents carrying value, before management fees, expenses and Performance Revenues, divided by invested capital.

(d)

Unless otherwise indicated, Net Internal Rate of Return (“IRR”) represents the annualized inception to December 31, 2021 IRR on total invested capital based on realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues. IRRs are calculated using actual timing of limited partner cash flows. Initial inception date of cash flows may differ from the Investment Period Beginning Date.

(e)	The 8% Realized Net IRR and 8% Total Net IRR exclude investors that opted out of the Hilton investment opportunity. Overall BREP International II performance reflects a 7% Realized Net IRR and a 7% Total Net IRR.

(f)	BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(g)	BPP represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of these funds.

(h)

Unrealized Investment Value reflects BREIT’s net asset value as of December 31, 2021. Realized Investment Value represents BREIT’s cash distributions, net of servicing fees. The BREIT net return reflects a per share blended return, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an annualized basis and are from January 1, 2017. Committed Capital and Available Capital are not regularly reported to investors in our Core+ strategy and are not applicable in the context of this vehicle.

(i)	BREDS High-Yield represents the flagship real estate debt drawdown funds only.

(j)	Blackstone Core Equity Partners is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(k)

Realizations are treated as return of capital until fully recovered and therefore unrealized and realized MOICs are not applicable. Returns are calculated from results that are reported on a three month lag from Strategic Partners’ fund financial statements and therefore do not include the impact of economic and market activities in the current quarter. Effective in the three months ended December 31, 2021, the MOIC calculation was updated to exclude capital called for management fees and expenses from invested capital.

(l)	Funds presented represent the flagship credit drawdown funds only. The Total Credit Net IRR is the combined IRR of the credit drawdown funds presented.

(m)

Unrealized Investment Value reflects BCRED’s net asset value as of December 31, 2021. Realized Investment Value represents BCRED’s cash distributions, net of servicing fees. The BCRED net return reflects a per share blended return, assuming BCRED had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and

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expenses incurred by BCRED. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date net returns are presented on an unannualized basis and are from January 7, 2021. Committed Capital and Available Capital are not regularly reported to investors in BCRED and are not applicable in the context of this vehicle. Does not include BXSL as it is now a publicly traded BDC following its IPO on October 28, 2021.

		Year Ended December 31,												2021 vs. 2020								2020 vs. 2019
		2021				2020				2019				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	1,895,412			$	1,553,483			$	1,116,183			$	341,929				22	%		$	437,300				39	%
Transaction and Other Fees, Net			160,395				98,225				175,831				62,170				63	%			(77,606	)			-44	%
Management Fee Offsets			(3,499	)			(13,020	)			(26,836	)			9,521				-73	%			13,816				-51	%
Total Management Fees, Net			2,052,308				1,638,688				1,265,178				413,620				25	%			373,510				30	%
Fee Related Performance Revenues			1,695,019				338,161				198,237				1,356,858				401	%			139,924				71	%
Fee Related Compensation			(1,161,349	)			(618,105	)			(531,259	)			(543,244	)			88	%			(86,846	)			16	%
Other Operating Expenses			(234,505	)			(183,132	)			(168,332	)			(51,373	)			28	%			(14,800	)			9	%
Fee Related Earnings			2,351,473				1,175,612				763,824				1,175,861				100	%			411,788				54	%
Realized Performance Revenues			1,119,612				787,768				1,032,337				331,844				42	%			(244,569	)			-24	%
Realized Performance Compensation			(443,220	)			(312,698	)			(374,096	)			(130,522	)			42	%			61,398				-16	%
Realized Principal Investment Income			196,869				24,764				79,733				172,105				695	%			(54,969	)			-69	%
Net Realizations			873,261				499,834				737,974				373,427				75	%			(238,140	)			-32	%
Segment Distributable Earnings		$	3,224,734			$	1,675,446			$	1,501,798			$	1,549,288				92	%		$	173,648				12	%

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		Year Ended December 31,																								December 31, 2021 Inception to Date
		2021								2020								2019								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BREP VII			44%				36%				-22%				-20%				15%				12%				30%				22%				22%				15%
BREP VIII			57%				46%				10%				7%				20%				15%				36%				29%				24%				18%
BREP IX			84%				63%				35%				21%				n/m				n/m				111%				69%				60%				43%
BREP Europe IV (b)			2%				—				-17%				-15%				13%				10%				28%				20%				20%				14%
BREP Europe V (b)			37%				29%				1%				—				20%				14%				49%				40%				20%				14%
BREP Europe VI (b)			71%				51%				14%				—				n/m				n/m				95%				58%				49%				33%
BREP Asia I			37%				29%				-5%				-5%				19%				14%				29%				21%				20%				13%
BREP Asia II			31%				21%				8%				4%				27%				16%				73%				50%				22%				13%
BREP Co-Investment (c)			77%				70%				33%				32%				20%				13%				18%				16%				18%				16%
BPP (d)			20%				17%				7%				6%				10%				8%				n/a				n/a				13%				11%
BREIT (e)			n/a				30%				n/a				7%				n/a				12%				n/a				n/a				n/a				13%
BREDS High-Yield (f)			18%				13%				5%				1%				17%				13%				15%				11%				15%				10%
BXMT (g)			n/a				20%				n/a				-18%				n/a				25%				n/a				n/a				n/a				10%

n/m	Not meaningful generally due to the limited time since initial investment.

n/a	Not applicable.

(a)	Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues.

(b)	Euro-based internal rates of return.

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(c)	BREP Co-Investment represents co-investment capital raised for various BREP investments. The Net IRR reflected is calculated by aggregating each co-investment’s realized proceeds and unrealized value, as applicable, after management fees, expenses and Performance Revenues.

(d)	BPP represents the Core+ real estate funds which invest with a more modest risk profile and lower leverage.

(e)

Reflects a per share blended return for each respective period, assuming BREIT had a single share class, reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. These returns are not representative of the returns experienced by any particular investor or share class. Inception to date returns are presented on an annualized basis and are from January 1, 2017.

(f)	BREDS High-Yield represents the flagship real estate debt drawdown funds only. Inception to date returns are from July 1, 2009.

(g)

Reflects annualized return of a shareholder invested in BXMT as of the beginning of each period presented, assuming reinvestment of all dividends received during the period, and net of all fees and expenses incurred by BXMT. Return incorporates the closing NYSE stock price as of each period end. Inception to date returns are from May 22, 2013.

		Year Ended December 31,												2021 vs. 2020								2020 vs. 2019
		2021				2020				2019				$				%				$				%
		(Dollars in Thousands)
Management and Advisory Fees, Net
Base Management Fees		$	1,521,273			$	1,232,028			$	986,482			$	289,245				23%			$	245,546				25%
Transaction, Advisory and Other Fees, Net			174,905				82,440				115,174				92,465				112%				(32,734	)			-28%
Management Fee Offsets			(33,247	)			(44,628	)			(37,327	)			11,381				-26%				(7,301	)			20%
Total Management and Advisory Fees, Net			1,662,931				1,269,840				1,064,329				393,091				31%				205,511				19%
Fee Related Performance Revenues			212,128				—				—				212,128				n/m				—				n/m
Fee Related Compensation			(662,824	)			(455,538	)			(423,752	)			(207,286	)			46%				(31,786	)			8%
Other Operating Expenses			(264,468	)			(195,213	)			(160,010	)			(69,255	)			35%				(35,203	)			22%
Fee Related Earnings			947,767				619,089				480,567				328,678				53%				138,522				29%
Realized Performance Revenues			2,263,099				877,493				468,992				1,385,606				158%				408,501				87%
Realized Performance Compensation			(943,199	)			(366,949	)			(192,566	)			(576,250	)			157%				(174,383	)			91%
Realized Principal Investment Income			263,368				72,089				90,249				191,279				265%				(18,160	)			-20%
Net Realizations			1,583,268				582,633				366,675				1,000,635				172%				215,958				59%
Segment Distributable Earnings		$	2,531,035			$	1,201,722			$	847,242			$	1,329,313				111%			$	354,480				42%

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		Year Ended December 31,																								December 31, 2021 Inception to Date
		2021								2020								2019								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BCP V			223%				103%				14%				5%				-14%				-4%				10%				8%				10%				8%
BCP VI			19%				16%				18%				16%				4%				3%				21%				17%				17%				13%
BCP VII			44%				36%				11%				9%				24%				18%				43%				34%				28%				21%
BEP I			78%				59%				-19%				-18%				—				—				18%				15%				15%				11%
BEP II			56%				53%				-31%				-31%				-5%				-3%				1%				—				7%				4%
BEP III			86%				56%				n/m				n/m				n/a				n/a				160%				110%				107%				64%
BCP Asia I			193%				158%				56%				42%				43%				24%				161%				118%				98%				74%
BCEP I (b)			55%				50%				33%				29%				24%				20%				55%				49%				30%				27%
Tactical Opportunities			37%				28%				19%				15%				10%				6%				22%				18%				17%				13%
Tactical Opportunities Co-Investment and Other			67%				57%				14%				11%				15%				14%				20%				19%				23%				20%
BXG			50%				29%				n/m				n/m				n/a				n/a				n/m				n/m				77%				43%
Strategic Partners I-V (c)			33%				30%				-4%				-5%				—				-1%				n/a				n/a				16%				13%
Strategic Partners VI (c)			51%				47%				-9%				-9%				-4%				-5%				n/a				n/a				20%				15%
Strategic Partners VII (c)			75%				66%				-7%				-8%				12%				10%				n/a				n/a				28%				23%
Strategic Partners Real Assets II (c)			26%				23%				10%				6%				21%				17%				n/a				n/a				20%				15%
Strategic Partners VIII (c)			132%				113%				6%				2%				n/m				n/m				n/a				n/a				76%				62%
Strategic Partners Real Estate, SMA and Other (c)			41%				40%				2%				2%				19%				18%				n/a				n/a				21%				19%
Strategic Partners Infra III (c)			81%				54%				n/m				n/m				n/a				n/a				n/a				n/a				188%				93%
BIP			41%				33%				6%				1%				n/m				n/m				n/a				n/a				24%				17%
Clarus IV			34%				26%				3%				—				68%				46%				30%				25%				28%				17%
BXLS V			13%				-4%				n/m				n/m				n/a				n/a				n/a				n/a				25%				6%

n/m	Not meaningful generally due to the limited time since initial investment.

n/a	Not applicable.

SMA	Separately managed account.

(a)	Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Revenues.

(b)	BCEP is a core private equity strategy which invests with a more modest risk profile and longer hold period than traditional private equity.

(c)

Realizations are treated as return of capital until fully recovered and therefore inception to date realized returns are not applicable. Returns are calculated from results that are reported on a three month lag from Strategic Partners’ fund financial statements and therefore do not include the impact of economic and market activities in the current quarter. Effective September 30, 2021, Strategic Partners’ fund financial reporting process was updated to report underlying fund investment performance generally on a same-quarter basis, if available. Previously, such fund financial reporting in Strategic Partners’ fund financial statements was generally on a three month lag. As a result of this update, Strategic Partners’ appreciation for the year ended December 31, 2021, includes the economic and market activity of five quarters, respectively. See Note 2. “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Consolidated Financial Statements” in “— Item 8. Financial Statements and Supplementary Data” for additional information.

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		Year Ended December 31,												2021 vs. 2020								2020 vs. 2019
		2021				2020				2019				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	636,685			$	582,830			$	556,730			$	53,855				9%			$	26,100				5%
Transaction and Other Fees, Net			11,770				5,899				3,533				5,871				100%				2,366				67%
Management Fee Offsets			(572	)			(650	)			(138	)			78				-12%				(512	)			371%
Total Management Fees, Net			647,883				588,079				560,125				59,804				10%				27,954				5%
Fee Related Compensation			(156,515	)			(161,713	)			(151,960	)			5,198				-3%				(9,753	)			6%
Other Operating Expenses			(94,792	)			(79,758	)			(81,999	)			(15,034	)			19%				2,241				-3%
Fee Related Earnings			396,576				346,608				326,166				49,968				14%				20,442				6%
Realized Performance Revenues			290,980				179,789				126,576				111,191				62%				53,213				42%
Realized Performance Compensation			(76,701	)			(31,224	)			(24,301	)			(45,477	)			146%				(6,923	)			28%
Realized Principal Investment Income			56,733				54,110				21,707				2,623				5%				32,403				149%
Net Realizations			271,012				202,675				123,982				68,337				34%				78,693				63%
Segment Distributable Earnings		$	667,588			$	549,283			$	450,148			$	118,305				22%			$	99,135				22%

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		Average Annual Returns (a)
		Periods Ended December 31, 2021
		One Year								Three Year								Five Year								Historical
Composite		Gross				Net				Gross				Net				Gross				Net				Gross				Net
BAAM Principal Solutions Composite (b)			8	%			7	%			7	%			6	%			6	%			5	%			7	%			6	%

(a)	Composite returns present a summarized asset-weighted return measure to evaluate the overall performance of the applicable class of Blackstone Funds.

(b)

BAAM’s Principal Solutions (“BPS”) Composite covers the period from January 2000 to present, although BAAM’s inception date is September 1990. The BPS Composite includes only BAAM-managed commingled and customized multi-manager funds and accounts and does not include BAAM’s individual investor solutions (liquid alternatives), strategic capital (seeding and GP minority stakes), strategic opportunities (co-invests), and advisory (non-discretionary) platforms, except for investments by BPS funds directly into those platforms. BAAM-managed funds in liquidation and, in the case of net returns, non-fee-paying assets are also excluded. The funds/accounts that comprise the BPS Composite are not managed within a single fund or account and are managed with different mandates. There is no guarantee that BAAM would have made the same mix of investments in a stand-alone fund/account. The BPS Composite is not an investible product and, as such, the performance of the BPS Composite does not represent the performance of an actual fund or account. The historical return is from January 1, 2000.

		Invested Performance Eligible Assets Under Management												Estimated % Above High Water Mark/Benchmark (a)
		December 31,												December 31,
		2021				2020				2019				2021				2020				2019
		(Dollars in Thousands)
Hedge Fund Solutions Managed Funds (b)		$	47,639,865			$	47,088,501			$	43,789,081				91	%			75	%			91	%

(a)

Estimated % Above High Water Mark/Benchmark represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Hedge Fund Solutions managed fund has positive investment performance relative to a benchmark, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a benchmark return, thereby resulting in an increase in Estimated % Above High Water Mark/Benchmark.

(b)

For the Hedge Fund Solutions managed funds, at December 31, 2021, the incremental appreciation needed for the 9% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $299.8 million, a decrease of $(323.1) million, compared to $622.9 million at December 31, 2020. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/ Benchmarks as of December 31, 2021, 55% were within 5% of reaching their respective High Water Mark.

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		Year Ended December 31,												2021 vs. 2020								2020 vs. 2019
		2021				2020				2019				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	765,905			$	603,713			$	586,535			$	162,192				27%			$	17,178				3%
Transaction and Other Fees, Net			44,868				21,311				19,882				23,557				111%				1,429				7%
Management Fee Offsets			(6,653	)			(10,466	)			(11,813	)			3,813				-36%				1,347				-11%
Total Management Fees, Net			804,120				614,558				594,604				189,562				31%				19,954				3%
Fee Related Performance Revenues			118,097				40,515				13,764				77,582				191%				26,751				194%
Fee Related Compensation			(367,322	)			(261,214	)			(229,607	)			(106,108	)			41%				(31,607	)			14%
Other Operating Expenses			(199,912	)			(165,114	)			(160,801	)			(34,798	)			21%				(4,313	)			3%
Fee Related Earnings			354,983				228,745				217,960				126,238				55%				10,785				5%
Realized Performance Revenues			209,421				20,943				32,737				188,478				900%				(11,794	)			-36%
Realized Performance Compensation			(94,450	)			(3,476	)			(12,972	)			(90,974	)			n/m				9,496				-73%
Realized Principal Investment Income			70,796				7,970				32,466				62,826				788%				(24,496	)			-75%
Net Realizations			185,767				25,437				52,231				160,330				630%				(26,794	)			-51%
Segment Distributable Earnings		$	540,750			$	254,182			$	270,191			$	286,568				113%			$	(16,009	)			-6%

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		Year Ended December 31,																								Inception to December 31, 2021
		2021								2020								2019								Total
Composite (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net
Private Credit (b)			22	%			16	%			1	%			-1	%			5	%			3	%			12	%			7	%
Liquid Credit (b)			5	%			5	%			4	%			4	%			9	%			8	%			5	%			5	%

(a)	Net returns are based on the change in carrying value (realized and unrealized) after management fees, expenses and Performance Allocations, net of tax advances.

(b)

Effective January 1, 2021, Credit returns are presented as separate returns for Private Credit and Liquid Credit instead of as a Credit Composite. Private Credit returns include mezzanine lending funds and middle market direct lending funds (including BXSL and BCRED), stressed/distressed strategies (including stressed/distressed funds and credit alpha strategies) and energy strategies. Liquid Credit returns include CLOs, closed-ended funds, open-ended funds and separately managed accounts. Only fee-earning funds exceeding $100 million of fair value at the beginning of each respective quarter-end are included. Funds in liquidation, funds investing primarily in investment grade corporate credit and asset-based lending funds are excluded. Blackstone Funds that were contributed to BXC as part of Blackstone’s acquisition of BXC in March 2008 and the pre-acquisition date performance for funds and vehicles acquired by BXC subsequent to March 2008, are also excluded. Private Credit and Liquid Credit’s inception to date returns are from December 31, 2005. Prior periods have been updated to reflect this presentation.

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		Invested Performance Eligible Assets Under Management												Estimated % Above High Water Mark/Hurdle (a)
		December 31,												December 31,
		2021				2020				2019				2021				2020				2019
		(Dollars in Thousands)
Credit & Insurance (b)		$	66,350,185			$	28,944,333			$	26,004,779				94	%			58	%			72	%

(a)

Estimated % Above High Water Mark/Hurdle represents the percentage of Invested Performance Eligible Assets Under Management that as of the dates presented would earn performance fees when the applicable Credit & Insurance managed fund has positive investment performance relative to a hurdle, where applicable. Incremental positive performance in the applicable Blackstone Funds may cause additional assets to reach their respective High Water Mark or clear a hurdle return, thereby resulting in an increase in Estimated % Above High Water Mark/Hurdle.

(b)

For the Credit & Insurance managed funds, at December 31, 2021, the incremental appreciation needed for the 6% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles to reach their respective High Water Marks/Hurdles was $1.8 billion, a decrease of $(1.3) billion, compared to $3.0 billion at December 31, 2020. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles as of December 31, 2021, 6% were within 5% of reaching their respective High Water Mark.

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		Year Ended December 31,
		2021				2020				2019
		(Dollars in Thousands)
Net Income Attributable to Blackstone Inc.		$	5,857,397			$	1,045,363			$	2,049,682
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			4,886,552				1,012,924				1,339,627
Net Income Attributable to Non-Controlling Interests in Consolidated Entities			1,625,306				217,117				476,779
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			5,740				(13,898	)			(121	)
Net Income			12,374,995				2,261,506				3,865,967
Provision (Benefit) for Taxes			1,184,401				356,014				(47,952	)
Net Income Before Provision (Benefit) for Taxes			13,559,396				2,617,520				3,818,015
Transaction-Related Charges (a)			144,038				240,729				208,613
Amortization of Intangibles (b)			68,256				65,984				65,931
Impact of Consolidation (c)			(1,631,046	)			(203,219	)			(476,658	)
Unrealized Performance Revenues (d)			(8,675,246	)			384,758				(1,126,668	)
Unrealized Performance Allocations Compensation (e)			3,778,048				(154,516	)			540,285
Unrealized Principal Investment (Income) Loss (f)			(679,767	)			101,742				(113,327	)
Other Revenues (g)			(202,885	)			253,693				(79,447	)
Equity-Based Compensation (h)			559,537				333,767				230,194
Administrative Fee Adjustment (i)			10,188				5,265				—
Taxes and Related Payables (j)			(759,682	)			(304,127	)			(196,159	)
Distributable Earnings			6,170,837				3,341,596				2,870,779
Taxes and Related Payables (j)			759,682				304,127				196,159
Net Interest and Dividend Loss (k)			33,588				34,910				2,441
Total Segment Distributable Earnings			6,964,107				3,680,633				3,069,379
Realized Performance Revenues (l)			(3,883,112	)			(1,865,993	)			(1,660,642	)
Realized Performance Compensation (m)			1,557,570				714,347				603,935
Realized Principal Investment Income (n)			(587,766	)			(158,933	)			(224,155	)
Fee Related Earnings		$	4,050,799			$	2,370,054			$	1,788,517
Adjusted EBITDA Reconciliation
Distributable Earnings		$	6,170,837			$	3,341,596			$	2,870,779
Interest Expense (o)			196,632				165,022				195,034
Taxes and Related Payables (j)			759,682				304,127				196,159
Depreciation and Amortization (p)			52,187				35,136				26,350
Adjusted EBITDA		$	7,179,338			$	3,845,881			$	3,288,322

(a)

This adjustment removes Transaction-Related Charges, which are excluded from Blackstone’s segment presentation. Transaction-Related Charges arise from corporate actions including acquisitions, divestitures, and Blackstone’s initial public offering. They consist primarily of equity-based compensation charges, gains and losses on contingent consideration arrangements, changes in the balance of the Tax Receivable Agreement resulting from a change in tax law or similar event, transaction costs and any gains or losses associated with these corporate actions.

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(b)

This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation. This amount includes amortization of intangibles associated with Blackstone’s investment in Pátria, which was historically accounted for under the equity method. As a result of Pátria’s IPO in January 2021, equity method has been discontinued and there will no longer be amortization of intangibles associated with the investment.

(c)

This adjustment reverses the effect of consolidating Blackstone Funds, which are excluded from Blackstone’s segment presentation. This adjustment includes the elimination of Blackstone’s interest in these funds and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(d)	This adjustment removes Unrealized Performance Revenues on a segment basis. The Segment Adjustment represents the add back of performance revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation.

		Year Ended December 31,
		2021				2020				2019
		(Dollars in Thousands)
GAAP Unrealized Performance Allocations		$	8,675,246			$	(384,393	)		$	1,126,332
Segment Adjustment			—				(365	)			336
Unrealized Performance Revenues		$	8,675,246			$	(384,758	)		$	1,126,668

(e)	This adjustment removes Unrealized Performance Allocations Compensation.

(f)

This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis. The Segment Adjustment represents (1) the add back of Principal Investment Income, including general partner income, earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

		Year Ended December 31,
		2021				2020				2019
		(Dollars in Thousands)
GAAP Unrealized Principal Investment Income (Loss)		$	1,456,201			$	(114,607	)		$	215,003
Segment Adjustment			(776,434	)			12,865				(101,676	)
Unrealized Principal Investment Income (Loss)		$	679,767			$	(101,742	)		$	113,327

(g)	This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents (1) the add back of Other Revenues earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of certain Transaction-Related Charges.

		Year Ended December 31,
		2021				2020				2019
		(Dollars in Thousands)
GAAP Other Revenue		$	203,086			$	(253,142	)		$	79,993
Segment Adjustment			(201	)			(551	)			(546	)
Other Revenues		$	202,885			$	(253,693	)		$	79,447

(h)	This adjustment removes Equity-Based Compensation on a segment basis.

(i)

This adjustment adds an amount equal to an administrative fee collected on a quarterly basis from certain holders of Blackstone Holdings Partnership Units. The administrative fee is accounted for as a capital contribution under GAAP, but is reflected as a reduction of Other Operating Expenses in Blackstone’s segment presentation.

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(j)

Taxes represent the total GAAP tax provision adjusted to include only the current tax provision (benefit) calculated on Income (Loss) Before Provision (Benefit) for Taxes and adjusted to exclude the tax impact of any divestitures. Related Payables represent tax-related payables including the amount payable under the Tax Receivable Agreement. See “— Key Financial Measures and Indicators — Distributable Earnings” for the full definition of Taxes and Related Payables.

		Year Ended December 31,
		2021				2020				2019
		(Dollars in Thousands)
Taxes		$	703,075			$	260,569			$	140,416
Related Payables			56,607				43,558				55,743
Taxes and Related Payables		$	759,682			$	304,127			$	196,159

(k)

This adjustment removes Interest and Dividend Revenue less Interest Expense on a segment basis. The Segment Adjustment represents (1) the add back of Interest and Dividend Revenue earned from consolidated Blackstone Funds which have been eliminated in consolidation, and (2) the removal of interest expense associated with the Tax Receivable Agreement.

		Year Ended December 31,
		2021				2020				2019
		(Dollars in Thousands)
GAAP Interest and Dividend Revenue		$	160,643			$	125,231			$	182,398
Segment Adjustment			2,401				4,881				10,195
Interest and Dividend Revenue			163,044				130,112				192,593
GAAP Interest Expense			198,268				166,162				199,648
Segment Adjustment			(1,636	)			(1,140	)			(4,614	)
Interest Expense			196,632				165,022				195,034
Net Interest and Dividend Loss		$	(33,588	)		$	(34,910	)		$	(2,441	)

(l)	This adjustment removes the total segment amount of Realized Performance Revenues.

(m)	This adjustment removes the total segment amount of Realized Performance Compensation.

(n)	This adjustment removes the total segment amount of Realized Principal Investment Income.

(o)	This adjustment adds back Interest Expense on a segment basis, excluding interest expense related to the Tax Receivable Agreement.

(p)	This adjustment adds back Depreciation and Amortization on a segment basis.

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		December 31,
		2021				2020
		(Dollars in Thousands)
Investments of Consolidated Blackstone Funds		$	2,018,829			$	1,455,008
Equity Method Investments
Partnership Investments			5,635,212				4,353,234
Accrued Performance Allocations			17,096,873				6,891,262
Corporate Treasury Investments			658,066				2,579,716
Other Investments			3,256,063				337,922
Total GAAP Investments		$	28,665,043			$	15,617,142
Accrued Performance Allocations - GAAP		$	17,096,873			$	6,891,262
Impact of Consolidation (a)			1				1
Due From Affiliates - GAAP (b)			260,993				165,678
Less: Net Realized Performance Revenues (c)			(1,294,884	)			(313,610	)
Less: Accrued Performance Compensation - GAAP (d)			(7,324,906	)			(2,917,609	)
Net Accrued Performance Revenues		$	8,738,077			$	3,825,722

(a)	This adjustment adds back investments in consolidated Blackstone Funds which have been eliminated in consolidation.

(b)	Represents GAAP accrued performance revenue recorded within Due from Affiliates.

(c)	Represents Performance Revenues realized but not yet distributed as of the reporting date and are included in Distributable Earnings in the period they are realized.

(d)	Represents GAAP accrued performance compensation associated with Accrued Performance Allocations and is recorded within Accrued Compensation and Benefits and Due to Affiliates.

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		Blackstone and General Partner								Senior Managing Directors and Certain Other Professionals (a)
Fund		Original Commitment				Remaining Commitment				Original Commitment				Remaining Commitment
		(Dollars in Thousands)
Real Estate
BREP V		$	52,545			$	2,185			$	—			$	—
BREP VI			750,000				36,809				150,000				12,270
BREP VII			300,000				33,394				100,000				11,131
BREP VIII			300,000				45,133				100,000				15,044
BREP IX			300,000				134,252				100,000				44,751
BREP Europe III			100,000				11,989				35,000				3,996
BREP Europe IV			130,000				24,074				43,333				8,025
BREP Europe V			150,000				29,994				43,333				8,665
BREP Europe VI			130,000				74,242				43,333				24,747
BREP Asia I			50,000				10,141				16,667				3,380
BREP Asia II			70,707				23,560				23,569				7,853
BREP Asia III			63,817				63,817				21,272				21,272
BREDS II			50,000				623				16,667				208
BREDS III			50,000				13,499				16,667				4,500
BREDS IV			50,000				27,813				—				—
BPP			180,905				30,937				—				—
Other (b)			25,599				7,254				—				—
Total Real Estate			2,753,573				569,716				709,841				165,842

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		Blackstone and General Partner								Senior Managing Directors and Certain Other Professionals (a)
Fund		Original Commitment				Remaining Commitment				Original Commitment				Remaining Commitment
		(Dollars in Thousands)
Private Equity
BCP V		$	629,356			$	30,642			$	—			$	—
BCP VI			719,718				82,829				250,000				28,771
BCP VII			500,000				42,842				225,000				19,279
BCP VIII			500,000				358,968				225,000				161,535
BEP I			50,000				4,728				—				—
BEP II			80,000				14,620				26,667				4,873
BEP III			80,000				58,553				26,667				19,518
BCEP I			120,000				27,202				18,992				4,305
BCEP II			160,000				132,048				32,640				26,938
BCP Asia I			40,000				17,249				13,333				5,750
BCP Asia II			100,000				100,000				33,333				33,333
Tactical Opportunities			454,978				211,533				154,768				70,511
Strategic Partners			909,010				539,738				145,738				87,804
BIP			216,964				60,045				—				—
BXLS			140,000				103,673				36,667				31,392
BXG			80,752				38,052				26,667				12,635
Other (b)			278,669				24,618				—				—
Total Private Equity			5,059,447				1,847,340				1,215,472				506,644
Hedge Fund Solutions
Strategic Alliance I			50,000				2,033				—				—
Strategic Alliance II			50,000				1,482				—				—
Strategic Alliance III			22,000				6,006				—				—
Strategic Alliance IV			15,000				15,000				—				—
Strategic Holdings I			154,610				43,511				—				—
Strategic Holdings II			50,000				32,056				—				—
Horizon			100,000				44,358				—				—
Other (b)			19,861				10,290				—				—
Total Hedge Fund Solutions			461,471				154,736				—				—

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		Blackstone and General Partner								Senior Managing Directors and Certain Other Professionals (a)
Fund		Original Commitment				Remaining Commitment				Original Commitment				Remaining Commitment
		(Dollars in Thousands)
Credit & Insurance
Mezzanine / Opportunistic II		$	120,000			$	29,470			$	110,101			$	27,039
Mezzanine / Opportunistic III			130,783				40,608				31,061				9,644
Mezzanine / Opportunistic IV			122,000				103,830				33,378				28,407
European Senior Debt I			63,000				16,515				56,882				14,911
European Senior Debt II			92,872				60,699				22,392				14,892
Stressed / Distressed I			50,000				4,869				27,666				2,694
Stressed / Distressed II			125,000				51,695				119,878				49,576
Stressed / Distressed III			151,000				113,042				31,977				23,938
Energy I			80,000				37,630				75,445				35,487
Energy II			150,000				120,117				25,565				20,472
Credit Alpha Fund			52,102				19,752				50,670				19,209
Credit Alpha Fund II			25,500				13,422				6,126				3,224
Other (b)			149,088				54,898				20,531				4,065
Total Credit & Insurance			1,311,345				666,547				611,672				253,558
Other
Treasury (c)			434,251				223,990				—				—
		$	10,020,087			$	3,462,329			$	2,536,985			$	926,044

(a)

For some of the general partner commitments shown in the table above, we require our senior managing directors and certain other professionals to fund a portion of the commitment even though the ultimate obligation to fund the aggregate commitment is ours pursuant to the governing agreements of the respective funds. The amounts of the aggregate applicable general partner original and remaining commitment are shown in the table above. In addition, certain senior managing directors and other professionals may be required to fund a de minimis amount of the commitment in certain carry funds. We expect our commitments to be drawn down over time and to be funded by available cash and cash generated from operations and realizations. Taking into account prevailing market conditions and both the liquidity and cash or liquid investment balances, we believe that the sources of liquidity described above will be more than sufficient to fund our working capital requirements.

(b)	Represents capital commitments to a number of other funds in each respective segment.

(c)	Represents loan origination commitments, revolver commitments and capital market commitments.

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Senior Notes (a)		Aggregate Principal Amount (Dollars/Euros in Thousands)
4.750%, Due 2/15/2023		$	400,000
2.000%, Due 5/19/2025		€	300,000
1.000%, Due 10/5/2026		€	600,000
3.150%, Due 10/2/2027		$	300,000
1.625%, Due 8/5/2028		$	650,000
1.500%, Due 4/10/2029		€	600,000
2.500%, Due 1/10/2030		$	500,000
1.600%, Due 3/30/2031		$	500,000
2.000%, Due 1/30/2032		$	800,000
6.250%, Due 8/15/2042		$	250,000
5.000%, Due 6/15/2044		$	500,000
4.450%, Due 7/15/2045		$	350,000
4.000%, Due 10/2/2047		$	300,000
3.500%, Due 9/10/2049		$	400,000
2.800%, Due 9/30/2050		$	400,000
2.850%, Due 8/5/2051		$	550,000
		$	7,605,500

(a)

The Notes are unsecured and unsubordinated obligations of the Issuer and are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc. and each of the Blackstone Holdings Partnerships. The Notes contain customary covenants and financial restrictions that, among other things, limit the Issuer and the guarantors’ ability, subject to certain exceptions, to incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The Notes also contain customary events of default. All or a portion of the Notes may be redeemed at our option, in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the Notes are subject to repurchase at the repurchase price as set forth in the Notes.

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Contractual Obligations		2022				2023-2024				2025-2026				Thereafter				Total
		(Dollars in Thousands)
Operating Lease Obligations (a)		$	121,220			$	253,317			$	234,299			$	212,711			$	821,547
Purchase Obligations			85,225				44,637				8,041				—				137,903
Blackstone Issued Notes and Revolving Credit Facility (b)			—				400,000				1,273,300				6,182,200				7,855,500
Interest on Blackstone Issued Notes and Revolving Credit Facility (c)			212,013				395,536				375,656				2,447,124				3,430,329
Blackstone Funds Debt Obligations Payable			101				—				—				—				101
Blackstone Funds Capital Commitments to Investee Funds (d)			275,257				—				—				—				275,257
Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e)			52,947				160,979				200,135				1,144,313				1,558,374
Unrecognized Tax Benefits, Including Interest and Penalties (f)			1,143				—				—				—				1,143
Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g)			3,462,329				—				—				—				3,462,329
Consolidated Contractual Obligations			4,210,235				1,254,469				2,091,431				9,986,348				17,542,483
Blackstone Funds Debt Obligations Payable			(101	)			—				—				—				(101	)
Blackstone Funds Capital Commitments to Investee Funds (d)			(275,257	)			—				—				—				(275,257	)
Blackstone Operating Entities Contractual Obligations		$	3,934,877			$	1,254,469			$	2,091,431			$	9,986,348			$	17,267,125

(a)

We lease our primary office space and certain office equipment under agreements that expire through 2032. Occupancy lease agreements, in addition to contractual rent payments, generally include additional payments for certain costs incurred by the landlord, such as building expenses, and utilities. To the extent these are fixed or determinable they are included in the table above. The table above includes operating leases that are recognized as Operating Lease Liabilities, short-term leases that are not recorded as Operating Lease Liabilities and leases that have been signed but not yet commenced which are not recorded as Operating Lease Liabilities. The amounts in this table are presented net of contractual sublease commitments.

(b)

Represents the principal amount due on the senior notes we issued assuming no pre-payments are made and the notes are held until their final maturity and outstanding borrowings under our revolving credit facility. As of December 31, 2021, we had $250.0 million of outstanding borrowings under our revolver, which are presented as due in 2025, the contractual maturity date of the revolver. On January 14, 2022, Blackstone repaid the $250.0 million borrowings under the revolver in full. This presentation also assumes interest is paid

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on the outstanding borrowings under the revolver through the contractual maturity date with a corresponding reduction in commitment fees for unutilized borrowings under the revolver. On January 10, 2022, Blackstone issued $500 million aggregate principal amount of 2.550% senior notes due March 30, 2032 and $1.0 billion aggregate principal amount of 3.200% senior notes due January 30, 2052. These notes and the related interest payments are not included in this table. For additional information see Note 13. “Borrowings” in the “Notes to Consolidated Financial Statements” in “— Item 8. Financial Statements and Supplementary Data” of this filing and “— Notable Transactions.”

(c)	Represents interest to be paid over the maturity of our senior notes and borrowings under our revolving credit facility which has been calculated using the maturity assumption described in note (b). These amounts include commitment fees for unutilized borrowings under our revolver.

(d)	These obligations represent commitments of the consolidated Blackstone Funds to make capital contributions to investee funds and portfolio companies. These amounts are generally due on demand and are therefore presented in the less than one year category.

(e)

Represents obligations by Blackstone’s corporate subsidiary to make payments under the Tax Receivable Agreements to certain non-controlling interest holders for the tax savings realized from the taxable purchases of their interests in connection with the reorganization at the time of Blackstone’s IPO in 2007 and subsequent purchases. The obligation represents the amount of the payments currently expected to be made, which are dependent on the tax savings actually realized as determined annually without discounting for the timing of the payments. As required by GAAP, the amount of the obligation included in the Consolidated Financial Statements and shown in Note 18. “Related Party Transactions” (see “— Item 8. Financial Statements and Supplementary Data”) differs to reflect the net present value of the payments due to certain non-controlling interest holders.

(f)

The total represents gross unrecognized tax benefits of $0.5 million and interest and penalties of $0.6 million. In addition, Blackstone is not able to make a reasonably reliable estimate of the timing of payments in individual years in connection with gross unrecognized benefits of $47.0 million and interest of $4.8 million; therefore, such amounts are not included in the above contractual obligations table.

(g)

These obligations represent commitments by us to provide general partner capital funding to the Blackstone Funds, limited partner capital funding to other funds and Blackstone principal investment commitments. These amounts are generally due on demand and are therefore presented in the less than one year category; however, a substantial amount of the capital commitments are expected to be called over the next three years. We expect to continue to make these general partner capital commitments as we raise additional amounts for our investment funds over time.

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		Repurchase Agreements				Securities Sold, Not Yet Purchased
		(Dollars in Millions)
Balance, December 31, 2021		$	58.0			$	27.8
Balance, December 31, 2020		$	76.8			$	51.0
Year Ended December 31, 2021
Average Daily Balance		$	50.7			$	37.7
Maximum Daily Balance		$	75.5			$	51.0

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•

Determining whether our management fees, Incentive Fees or Performance Allocations represent variable interests — We make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees and at market rates. In making this judgment, we consider, among other things, the extent of third party investment in the entity and the terms of any other interests we hold in the VIE.

•

Determining whether kick-out rights are substantive — We make judgments as to whether the third party investors in a partnership entity have the ability to remove the general partner, the investment manager or its equivalent, or to dissolve (liquidate) the partnership entity, through a simple majority vote. This includes an evaluation of whether barriers to exercise these rights exist.

•

Concluding whether Blackstone has an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE — As there is no explicit threshold in GAAP to define “potentially significant,” management must apply judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met.

•

0.25% to 1.75% of committed capital or invested capital during the investment period,

•

0.25% to 1.50% of invested capital, committed capital or investment fair value subsequent to the investment period for private equity and real estate funds, and

•

1.00% to 1.50% of invested capital or net asset value subsequent to the investment period for certain of our hedge fund solutions and credit-focused funds.

•

0.50% to 1.50% of net asset value.

•

0.20% to 1.35% of net asset value or total assets.

•

0.65% to 2.00% of invested capital, net operating income or net asset value.

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•

0.25% to 1.00% of net asset value.

•

0.25% to 1.50% of net asset value.

•

0.20% to 0.50% of the aggregate par amount of collateral assets, including principal cash.

•

0.25% to 1.25% of total assets or net asset value.

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Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

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		Year Ended December 31,
		2021				2020
Fund Management Fees Based on the NAV or GAV of the Applicable Funds or Separately Managed Accounts			40	%			33	%

		December 31,
		2021												2020
		Management and Advisory Fees, Net (a)				Unrealized Performance Allocations, Net (b)				Unrealized Principal Investment Income (c)				Management and Advisory Fees, Net (a)				Unrealized Performance Allocations, Net (b)				Unrealized Principal Investment Income (c)
		(Dollars in Thousands)
10% Decline in Fair Value of the Investments		$	289,686			$	2,354,033			$	325,681			$	199,964			$	1,773,930			$	169,269

(a)	Represents the annualized effect of the 10% decline.

(b)	Represents the reporting date effect of the 10% decline. Presented net of Unrealized Performance Allocations Compensation.

(c)	Represents the reporting date effect of the 10% decline. Also includes the net effect of consolidated funds, which reflects the change on Net Gains from Fund Investing Activities, net of Non-Controlling Interests.

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		December 31,
		2021												2020
		Management and Advisory Fees, Net (a)				Unrealized Performance Allocations, Net (b)(c)				Unrealized Principal Investment Income (b)				Management and Advisory Fees, Net (a)				Unrealized Performance Allocations, Net (b)(c)				Unrealized Principal Investment Income (b)
		(Dollars in Thousands)
10% Decline in the Rate of Exchange of All Foreign Currencies Against the U.S. Dollar		$	36,154			$	862,488			$	115,235			$	44,163			$	559,875			$	50,952

(a)	Represents the annualized effect of the 10% decline.

(b)	Represents the reporting date effect of the 10% decline.

(c)	Presented net of Unrealized Performance Allocations Compensation.

		December 31,
		2021								2020
		Annualized Decrease in Investment Income				Annualized Increase in Interest from Floating Rate Assets				Annualized Decrease in Investment Income				Annualized Increase in Interest from Floating Rate Assets
		(Dollars in Thousands)
One Percentage Point Increase in Interest Rates		$	10,839	(a)		$	12,944			$	14,560	(a)		$	19,670

(a)	As of December 31, 2021 and 2020, this represents 0.6% and 0.4% of our portfolio of liquid assets, respectively.

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		December 31,
		2021				2020
		(Dollars in Thousands)
Annualized Increase in Other Revenue Due to a One Percentage Point Increase in Interest Rates		$	8,499			$	23,648

		December 31,
		2021				2020
		(Dollars in Thousands)
Decrease in Annualized Investment Income Due to a One Percentage Point Increase in Credit Spreads (a)		$	21,831			$	56,927

(a)	As of December 31, 2021 and 2020, this represents 1.2% and 1.4% of our portfolio of liquid assets, respectively.

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Item 8.

Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm (PCAOB ID 34 )			155
Consolidated Statements of Financial Condition as of December 31, 2021 and 2020			158
Consolidated Statements of Operations for the Years Ended December 31, 2021, 2020 and 2019			160
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2021, 2020 and 2019			161
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2021, 2020 and 2019			162
Consolidated Statements of Cash Flows for the Years Ended December 31, 2021, 2020 and 2019			165
Notes to Consolidated Financial Statements			167

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		Shares of Blackstone Inc. (a)								Blackstone Inc. (a)
		Common Units				Common Stock				Partners’ Capital				Common Stock				Additional Paid-in- Capital				Retained Earnings (Deficit)				Accumulated Other Compre- hensive Income (Loss)				Total Stockholders’ Equity				Non- Controlling Interests in Consolidated Entities				Non- Controlling Interests in Blackstone Holdings				Total Equity				Redeemable Non- Controlling Interests in Consolidated Entities
Balance at December 31, 2018			663,212,830				—			$	6,415,700			$	—			$	—			$	—			$	( 36,476	)		$	6,379,224			$	3,648,766			$	3,584,317			$	13,612,307			$	141,779
Net Income (Loss)			—				—				787,096				—				—				1,262,586				—				2,049,682				476,779				1,339,627				3,866,088				( 121	)
Currency Translation Adjustment			—				—				—				—				—				—				7,981				7,981				—				6,353				14,334				—
Capital Contributions			—				—				—				—				—				—				—				—				775,873				—				775,873				—
Capital Distributions			—				—				( 639,210	)			—				—				( 652,961	)			—				( 1,292,171	)			( 712,234	)			( 1,104,573	)			( 3,108,978	)			( 54,007	)
Transfer of Non-Controlling Interests in Consolidated Entities			—				—				—				—				—				—				—				—				( 3,115	)			—				( 3,115	)			—
Deferred Tax Effects Resulting from Acquisition of Ownership Interests from Non-Controlling Interest Holders			—				—				5,016				—				23,706				—				—				28,722				—				—				28,722				—
Equity-Based Compensation			—				—				101,200				—				131,501				—				—				232,701				—				182,809				415,510				—
Net Delivery of Vested Blackstone Holdings Partnership Units and Shares of Common Stock			1,853,730				970,995				( 10,613	)			—				( 12,821	)			—				—				( 23,434	)			—				( 6	)			( 23,440	)			—
Repurchase of Shares of Common Stock and Blackstone Holdings Partnership Units			( 8,100,000	)			( 4,650,000	)			( 325,214	)			—				( 236,686	)			—				—				( 561,900	)			—				—				( 561,900	)			—
Change in Blackstone Inc.’s Ownership Interest			—				—				( 23,270	)			—				83,614				—				—				60,344				—				( 60,344	)			—				—
Conversion of Blackstone Holdings Partnership Units to Shares of Common Stock			3,621,809				14,248,328				25,192				—				103,443				—				—				128,635				—				( 128,635	)			—				—
Reclassifications Resulting from Conversion to a Corporation			( 660,588,369	)			660,588,369				( 6,335,897	)			7				6,335,890				—				—				—				—				—				—				—
Balance at December 31, 2019			—				671,157,692			$	—			$	7			$	6,428,647			$	609,625			$	( 28,495	)		$	7,009,784			$	4,186,069			$	3,819,548			$	15,015,401			$	87,651

(a)

Following the conversion to a corporation, Blackstone also had one share outstanding of each of Series I and Series II preferred stock, with par value of each less than one cent. After initial issuance, there have been no changes to the amounts related to Series I and Series II preferred stock during the period presented.

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Item 8A.

Unaudited Supplemental Presentation of Statements of Financial Condition

		December 31, 2021
		Consolidated Operating Partnerships				Consolidated Blackstone Funds (a)				Reclasses and Eliminations				Consolidated
Assets
Cash and Cash Equivalents		$	2,119,738			$	—			$	—			$	2,119,738
Cash Held by Blackstone Funds and Other			—				79,994				—				79,994
Investments			27,041,225				2,018,829				(395,011	)			28,665,043
Accounts Receivable			571,936				64,680				—				636,616
Due from Affiliates			4,652,295				15,031				(10,459	)			4,656,867
Intangible Assets, Net			284,384				—				—				284,384
Goodwill			1,890,202				—				—				1,890,202
Other Assets			492,685				251				—				492,936
Right-of-Use Assets			788,991				—				—				788,991
Deferred Tax Assets			1,581,637				—				—				1,581,637
Total Assets		$	39,423,093			$	2,178,785			$	(405,470	)		$	41,196,408
Liabilities and Equity
Loans Payable		$	7,748,062			$	101			$	—			$	7,748,163
Due to Affiliates			1,812,223				104,334				(10,459	)			1,906,098
Accrued Compensation and Benefits			7,905,070				—				—				7,905,070
Securities Sold, Not Yet Purchased			4,292				23,557				—				27,849
Repurchase Agreements			42,000				15,980				—				57,980
Operating Lease Liabilities			908,033				—				—				908,033
Accounts Payable, Accrued Expenses and Other Liabilities			926,749				10,420				—				937,169
Total Liabilities			19,346,429				154,392				(10,459	)			19,490,362
Redeemable Non-Controlling Interests in Consolidated Entities			22,002				46,026				—				68,028
Equity
Common Stock			7				—				—				7
Series I Preferred Stock			—				—				—				—
Series II Preferred Stock			—				—				—				—
Additional Paid-in-Capital			5,794,727				349,822				(349,822	)			5,794,727
Retained Earnings (Deficit)			3,647,785				45,189				(45,189	)			3,647,785
Accumulated Other Comprehensive Loss			(19,626	)			—				—				(19,626	)
Non-Controlling Interests in Consolidated Entities			4,017,297				1,583,356				—				5,600,653
Non-Controlling Interests in Blackstone Holdings			6,614,472				—				—				6,614,472
Total Equity			20,054,662				1,978,367				(395,011	)			21,638,018
Total Liabilities and Equity		$	39,423,093			$	2,178,785			$	(405,470	)		$	41,196,408

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		December 31, 2020
		Consolidated Operating Partnerships				Consolidated Blackstone Funds (a)				Reclasses and Eliminations				Consolidated
Assets
Cash and Cash Equivalents		$	1,999,484			$	—			$	—			$	1,999,484
Cash Held by Blackstone Funds and Other			—				64,972				—				64,972
Investments			14,425,035				1,455,008				(262,901	)			15,617,142
Accounts Receivable			746,059				120,099				—				866,158
Due from Affiliates			3,224,522				10,001				(13,008	)			3,221,515
Intangible Assets, Net			347,955				—				—				347,955
Goodwill			1,901,485				—				—				1,901,485
Other Assets			480,760				262				—				481,022
Right-of-Use Assets			526,943				—				—				526,943
Deferred Tax Assets			1,242,576				—				—				1,242,576
Total Assets		$	24,894,819			$	1,650,342			$	(275,909	)		$	26,269,252
Liabilities and Equity
Loans Payable		$	5,644,554			$	99			$	—			$	5,644,653
Due to Affiliates			1,070,955				77,095				(13,009	)			1,135,041
Accrued Compensation and Benefits			3,433,260				—				—				3,433,260
Securities Sold, Not Yet Purchased			9,324				41,709				—				51,033
Repurchase Agreements			—				76,808				—				76,808
Operating Lease Liabilities			620,844				—				—				620,844
Accounts Payable, Accrued Expenses and Other Liabilities			679,883				37,221				—				717,104
Total Liabilities			11,458,820				232,932				(13,009	)			11,678,743
Redeemable Non-Controlling Interests in Consolidated Entities			21,999				43,162				—				65,161
Equity
Common Stock			7				—				—				7
Series I Preferred Stock			—				—				—				—
Series II Preferred Stock			—				—				—				—
Additional Paid-in-Capital			6,332,105				269,235				(269,235	)			6,332,105
Retained Earnings (Deficit)			335,762				(6,335	)			6,335				335,762
Accumulated Other Comprehensive Loss			(15,831	)			—				—				(15,831	)
Non-Controlling Interests in Consolidated Entities			2,930,809				1,111,348				—				4,042,157
Non-Controlling Interests in Blackstone Holdings			3,831,148				—				—				3,831,148
Total Equity			13,414,000				1,374,248				(262,900	)			14,525,348
Total Liabilities and Equity		$	24,894,819			$	1,650,342			$	(275,909	)		$	26,269,252

(a)	The Consolidated Blackstone Funds consisted of the following:

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*	Consolidated as of December 31, 2021 only.

Item 9.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9A.

Controls and Procedures

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Item 9B.

Other Information

Item 9C.

Disclosures Regarding Foreign Jurisdictions that Prevent Inspections

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Item 10.

Directors, Executive Officers and Corporate Governance

Name		Age				Position
Stephen A. Schwarzman			75			Founder, Chairman and Chief Executive Officer and Director
Jonathan D. Gray			52			President, Chief Operating Officer and Director
Michael S. Chae			53			Chief Financial Officer
John G. Finley			65			Chief Legal Officer
Joseph P. Baratta			51			Director
Kelly A. Ayotte			53			Director
James W. Breyer			60			Director
Reginald J. Brown			54			Director
Sir John Antony Hood			70			Director
Rochelle B. Lazarus			74			Director
Jay O. Light			80			Director
The Right Honorable Brian Mulroney			82			Director
William G. Parrett			76			Director
Ruth Porat			64			Director

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Item 11.

Executive Compensation

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Executive		Title
Stephen A. Schwarzman		Chairman and Chief Executive Officer
Jonathan D. Gray		President and Chief Operating Officer
Hamilton E. James		Former Executive Vice Chairman*
Michael S. Chae		Chief Financial Officer
John G. Finley		Chief Legal Officer

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Name and Principal Position		Year				Salary				Bonus (a)				Stock Awards (b)				All Other Compensation (c)				Total
Stephen A. Schwarzman			2021			$	350,000			$	—			$	—			$	159,931,754			$	160,281,754
Chairman and			2020			$	350,000			$	—			$	—			$	86,030,331			$	86,380,331
Chief Executive Officer			2019			$	350,000			$	—			$	—			$	56,723,953			$	57,073,953
Jonathan D. Gray			2021			$	350,000			$	—			$	52,408,134			$	103,836,036			$	156,594,170
President and			2020			$	350,000			$	4,650,000			$	36,838,755			$	81,366,606			$	123,205,361
Chief Operating Officer			2019			$	350,000			$	10,000,000			$	33,006,635			$	55,637,598			$	98,994,233
Hamilton E. James			2021			$	350,000			$	16,786,756			$	—			$	79,375,028			$	96,511,784
Former Executive Vice			2020			$	350,000			$	19,052,642			$	—			$	45,373,247			$	64,775,889
Chairman			2019			$	350,000			$	27,347,258			$	—			$	28,265,429			$	55,962,687
Michael S. Chae			2021			$	350,000			$	4,566,274			$	11,278,331			$	14,610,658			$	30,805,263
Chief Financial Officer			2020			$	350,000			$	4,650,000			$	12,160,258			$	10,825,066			$	27,985,324
			2019			$	350,000			$	5,713,868			$	3,960,195			$	5,556,311			$	15,580,374
John G. Finley			2021			$	350,000			$	3,558,699			$	9,623,557			$	4,260,136			$	17,792,392
Chief Legal Officer			2020			$	350,000			$	3,737,919			$	6,849,868			$	2,341,112			$	13,278,899
			2019			$	350,000			$	3,691,801			$	4,564,697			$	1,383,733			$	9,990,231

(a)	The amounts reported in this column reflect the annual cash bonus payments made for performance in the indicated year.

(b)

The reference to “stock” in this table refers to deferred restricted Blackstone Holdings Partnership Units or deferred restricted common stock units. The amounts reported in this column represent the grant date fair value of stock awards granted for financial statement reporting purposes in accordance with GAAP pertaining to equity-based compensation. The assumptions used in determining the grant date fair value are set forth in Note 17. “Equity-Based Compensation” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data.”

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(c)

Amounts reported for 2021 include distributions, whether in cash or in-kind, in respect of carried interest or incentive fee allocations relating to our Performance Plans to the named executive officer in 2021 as follows: $148,078,977 for Mr. Schwarzman, $91,723,689 for Mr. Gray, $76,730,810 for Mr. James, $14,020,954 for Mr. Chae and $4,002,810 for Mr. Finley. Any in-kind distributions in respect of carried interest are reported based on the market value of the securities distributed as of the date of distribution. For 2021, no named executive officers received such in-kind distributions. We have determined to present compensation relating to carried interest and incentive fees within the Summary Compensation Table in the year in which such compensation is paid to the named executive officer under the terms of the relevant Performance Plan. Accordingly, the amounts presented in the table differ from the compensation expense recorded by us on an accrual basis for such year in respect of carried interest and incentive fees allocable to a named executive officer, which accrued amounts for 2021 are separately disclosed in this footnote to the Summary Compensation Table. We believe that the presentation of the actual amounts of carried interest- and incentive fee-related compensation paid to a named executive officer during the year, instead of the amounts of compensation expense we have recorded on an accrual basis, most appropriately reflects the actual compensation received by the named executive officer and represents the amount most directly aligned with the named executive officer’s actual performance. By contrast, the amount of compensation expense accrued in respect of carried interest and incentive fees allocable to a named executive officer can be highly volatile from year to year, with amounts accrued in one year being reversed in a following year, and vice versa, causing such amounts to be less useful as a measure of the compensation actually earned by a named executive officer in any particular year.

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Name		Grant Date				All Other Stock Awards: Number of Shares of Stock or Units				Grant Date Fair Value of Stock and Option Awards
Stephen A. Schwarzman			—				—			$	—
Jonathan D. Gray			4/1/2021				533,628	(a)		$	40,123,489
			1/7/2022				105,312	(b)		$	12,284,645
Hamilton E. James			—				—			$	—
Michael S. Chae			4/1/2021				105,322	(a)		$	7,919,161
			1/7/2022				28,797	(b)		$	3,359,170
John G. Finley			4/1/2021				91,279	(a)		$	6,863,268
			1/7/2022				23,663	(b)		$	2,760,289

(a)	Represents deferred restricted common stock units granted under our 2007 Equity Incentive Plan and reflects 2020 performance.

(b)	Represents deferred restricted common stock units granted in 2022 under the Bonus Deferral Plan for 2021 performance. These grants are reflected in the “Stock Awards” column of the Summary Compensation Table in 2021.

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Portion of Annual Incentive		Marginal Deferral Rate Applicable to Such Portion				Effective Deferral Rate for Entire Annual Bonus (a)
$0—100,000			0%				0.0%
$100,001—200,000			15%				7.5%
$200,001—500,000			20%				15.0%
$500,001—750,000			30%				20.0%
$750,001—1,250,000			40%				28.0%
$1,250,001—2,000,000			45%				34.4%
$2,000,001—3,000,000			50%				39.6%
$3,000,001—4,000,000			55%				43.4%
$4,000,001—5,000,000			60%				46.8%
$5,000,000 +			65%				52.8%

(a)	Effective deferral rates are shown for illustrative purposes only and are based on an annual cash payment equal to the maximum amount in the range shown in the far left column (which is assumed to be $7,500,000 for the last range shown).

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		Stock Awards (a)
Name		Number of Shares or Units of Stock That Have Not Vested				Market Value of Shares or Units of Stock That Have Not Vested (b)
Stephen A. Schwarzman			—			$	—
Jonathan D. Gray			2,123,541			$	273,423,295
Hamilton E. James			—			$	—
Michael Chae			954,917			$	123,189,837
John G. Finley (c)			347,928			$	44,716,937

(a)

The references to “stock” or “shares” in this table refer to unvested deferred restricted Blackstone Holdings Partnership Units and unvested deferred restricted common stock units (including deferred restricted common stock units granted under the Bonus Deferral Plan to Messrs. Gray, Chae and Finley in 2022 in respect of 2021 performance). The vesting terms of these awards are described under the caption “Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards in 2021” above.

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(b)

The dollar amounts shown under this column were calculated by multiplying the number of unvested deferred restricted Blackstone Holdings Partnership Units or unvested deferred restricted common stock units held by the named executive officer by the closing market price of $129.39 per share of our common stock on December 31, 2021, the last trading day of 2021, other than the deferred restricted common stock units granted in 2022 in respect of 2021 performance, which are valued as of the date of their grant.

(c)

Amounts reported for Mr. Finley include (1) 23,621 deferred restricted Blackstone Holdings Partnership Units, which reflects 50% of the unvested deferred restricted Blackstone Holdings Partnership Units that have been granted to Mr. Finley as discretionary equity awards, (2) 94,318 deferred restricted common stock units which reflects 50% of the unvested deferred restricted common stock units that have been granted to Mr. Finley as discretionary equity awards and (3) 112,051 deferred restricted common stock units granted pursuant to the Bonus Deferral Plan, which are considered vested and undelivered for financial statement reporting purposes in accordance with GAAP pertaining to equity-based compensation due to Mr. Finley’s retirement eligibility. Upon retirement the deferred restricted Blackstone Holdings Partnership Units are scheduled to vest and be delivered over the vesting period and the deferred restricted common stock units are scheduled to be delivered in equal annual installments over the three year deferral period, in each case subject to forfeiture if the named executive officer violates any applicable provision of his employment agreement or engages in any competitive activity (as such term is defined in the applicable award agreement or the Bonus Deferral Plan, as applicable).

		Stock Awards (a)
Name		Number of Shares Acquired on Vesting				Value Realized on Vesting (b)
Stephen A. Schwarzman			—			$	—
Jonathan D. Gray			133,317			$	11,086,063
Hamilton E. James			—			$	—
Michael S. Chae			210,292			$	19,613,601
John G. Finley			61,869			$	4,359,119

(a)	The references to “stock” or “shares” in this table refer to deferred restricted Blackstone Holdings Partnership Units and our deferred restricted common stock units.

(b)	The value realized on vesting is based on the closing market prices of our common stock on the day of vesting.

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•

engage in any business activity in which we operate, including any competitive business,

•

render any services to any competitive business, or

•

acquire a financial interest in or become actively involved with any competitive business (other than as a passive investor holding minimal percentages of the stock of public companies).

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Covenant		Stephen A. Schwarzman		Other Senior Managing Directors		Other Contracting Employees
Non-competition		Two years after termination of employment.		One year after termination of employment (or 90 days in the event of a termination without “cause”).		Generally between 90 days and nine months after termination of employment (which may be reduced in the event of a termination without “cause”).
Non-solicitation of Blackstone employees		Two years after termination of employment.		Two years after termination of employment.		Generally one year after termination of employment.
Non-solicitation of Blackstone clients or investors		Two years after termination of employment.		One year after termination of employment.		Generally between six months and one year after termination of employment.
Non-interference with business relationships		Two years after termination of employment.		One year after termination of employment.		Generally between six months and one year after termination of employment.

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Name		Fees Earned or Paid in Cash				Stock Awards (a) (b)				Total
Kelly A. Ayotte		$	150,000			$	210,279			$	360,279
Joseph P. Baratta (c)		$	—			$	—			$	—
James W. Breyer		$	150,000			$	208,053			$	358,053
Reginald J. Brown		$	150,000			$	211,403			$	361,403
Sir John Hood		$	150,000			$	211,789			$	361,789
Rochelle B. Lazarus		$	150,000			$	211,727			$	361,727
Jay O. Light		$	200,000			$	207,527			$	407,527
The Right Honorable Brian Mulroney		$	150,000			$	211,465			$	361,465
William G. Parrett		$	180,000			$	223,538			$	403,538
Ruth Porat		$	150,000			$	209,320			$	359,320

(a)

The references to “stock” in this table refer to our deferred restricted common stock units. Amounts for 2021 represent the grant date fair value of stock awards granted in the year, computed in accordance with GAAP, pertaining to equity-based compensation. The assumptions used in determining the grant date fair value are set forth in Note 16. “Earnings Per Share and Stockholders’ Equity” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data.” These deferred restricted common stock units vest, and the underlying shares of common stock will be delivered, on the first anniversary of the date of the grant, subject to the outside director’s continued service on our board of directors.

(b)

Each of our non-employee directors was granted deferred restricted common stock units upon appointment as a director. In 2021, in connection with the anniversary of his or her initial grant, each of the following directors was granted deferred restricted common stock units: Ms. Ayotte — 2,462 units; Mr. Breyer — 2,109 units; Mr. Brown — 1,582 units; Mr. Hood —2,421 units; Ms. Lazarus — 2,123 units; Mr. Light — 1,553 units; Mr. Mulroney — 2,151 units; Mr. Parrett — 1,527 units; and Ms. Porat — 2,124 units. The amounts of our non-employee directors’ compensation were approved by our board of directors upon the recommendation of our founder following his review of directors’ compensation paid by comparable companies.

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		Stock Awards (1)
Name		Number of Shares or Units of Stock That Have Not Vested				Market Value of Shares or Units of Stock That Have Not Vested (2)
Kelly A. Ayotte			2,462			$	318,558
James W. Breyer			2,109			$	272,884
Reginald J. Brown			1,582			$	204,695
Sir John Hood			2,421			$	313,253
Rochelle B. Lazarus			2,123			$	274,695
Jay O. Light			1,553			$	200,943
The Right Honorable Brian Mulroney			2,151			$	278,318
William G. Parrett			1,527			$	197,579
Ruth Porat			2,124			$	274,824

(1)

The references to “stock” or “shares” in this table refer to our deferred restricted common stock units.

(2)

The dollar amounts shown in this column were calculated by multiplying the number of unvested deferred restricted common stock units held by the director by the closing market price of $129.39 per share of our common stock on December 31, 2021, the last trading day of 2021.

(c)	Mr. Baratta is an employee and no additional remuneration is paid to him for his service as a director. Mr. Baratta’s employee compensation is discussed in “—Item 13. Certain Relationships and Related Transactions, and Director Independence.”

•

each person known to us to beneficially own 5% of any class of the outstanding voting securities of Blackstone Inc.,

•

each member of our board of directors,

•

each of our named executive officers, and

•

all our current directors and executive officers as a group.

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		Common Units, Beneficially Owned								Blackstone Holdings Partnership Units Beneficially Owned (a)
Name of Beneficial Owner		Number				% of Class				Number				% of Class
5% Stockholders
The Vanguard Group, Inc. (b)			39,935,913				5.7	%			—				—
BlackRock, Inc. (c)			36,485,682				5.2	%			—				—
Directors and Executive Officers (d)(e)
Stephen A. Schwarzman (f)(g)			—				—				231,924,793				51.5	%
Jonathan D. Gray (g)			603,134				*				40,585,300				9.0	%
Hamilton E. James (g)							*				16,055,951				3.6	%
Michael S. Chae (g)			124,936				*				6,122,373				1.4	%
John G. Finley (g)			126,901				*				387,535				0.1	%
Kelly A. Ayotte			9,527				*				—				—
Joseph P. Baratta			297,206				*				5,227,402				1.2	%
James W. Breyer			23,087				*				—				—
Reginald J. Brown			3,953				*				—				—
Sir John Hood			10,088				*				—				—
Rochelle B. Lazarus (g)			51,039				*				—				—
Jay O. Light			66,465				*				—				—
The Right Honorable Brian Mulroney			173,007				*				—				—
William G. Parrett (g)(h)			90,045				*				—				—
Ruth Porat			3,818				*				—				—
All current executive officers and directors as a group (14 persons) (i)			1,583,206				*				284,247,403				63.2	%

*	Less than one percent

(a)

Subject to certain requirements and restrictions, the partnership units of Blackstone Holdings are exchangeable for shares of our common stock on a one-for-one basis. A Blackstone Holdings limited partner must exchange one partnership unit in each of the five Blackstone Holdings Partnerships to effect an exchange for a share of our common stock. See “— Item 13. Certain Relationships and Related Transactions, and Director Independence — Exchange Agreement.” Beneficial ownership of Blackstone Holdings Partnership Units reflected in this table has not been also reflected as beneficial ownership of our shares of common stock for which such units may be exchanged.

(b)	Reflects shares of common stock beneficially owned by The Vanguard Group, Inc. and its subsidiaries based on the amended Schedule 13G filed by The Vanguard Group, Inc. on February 9, 2022. The address of The Vanguard Group, Inc. is 100 Vanguard Boulevard, Malvern, Pennsylvania 19355.

(c)	Reflects shares of common stock beneficially owned by BlackRock, Inc. and its subsidiaries based on the Schedule 13G filed by BlackRock, Inc. on February 4, 2022. The address of BlackRock, Inc. is 55 East 52nd Street, New York, NY 10055.

(d)

The shares of common stock and Blackstone Holdings Partnership Units beneficially owned by the directors and executive officers reflected above do not include the following number of securities that will be delivered to the respective individual more than 60 days after February 26, 2022: Mr. Gray—708,601 deferred restricted Blackstone Holdings Partnership Units and 1,383,438 deferred restricted common units; Mr. Chae—538,183 deferred restricted Backstone Holdings Partnership Units and 374,323 deferred restricted common units; Mr. Finley—47,241 deferred restricted Blackstone Holdings Partnership Units and 251,774 deferred restricted common units; Mr. Baratta – 1,785,323 deferred restricted Blackstone Holdings Partnership Units and 921,482 deferred restricted common units; Ms. Ayotte—2,462 deferred restricted common units; Mr. Mulroney—2,151 deferred restricted common units; Mr. Parrett—1,527 deferred restricted common units; Ms. Lazarus— 2,123 deferred restricted common units; Mr. Light—1,553 deferred restricted common units; Mr. Breyer—2,109 deferred restricted common units Mr. Hood—2,421 deferred restricted common units; Ms. Porat—2,124 deferred restricted common units; and Mr. Brown—1,582 deferred restricted common units.

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(e)

The Blackstone Holdings Partnership Units shown in the table above include the following number of vested units being held back under our minimum retained ownership requirements: Mr. Schwarzman—12,110,448 Blackstone Holdings Partnership Units; Mr. James—14,648,744 Blackstone Holdings Partnership Units; Mr. Gray—11,477,971 Blackstone Holdings Partnership Units and 18,930 deferred restricted common units; Mr. Chae—3,304,896 Blackstone Holdings Partnership Units and 5,408 deferred restricted common units; and Mr. Finley—187,881 Blackstone Holdings Partnership Units and 2,704 deferred restricted common units; and Mr. Baratta – 3,599,567 Blackstone Holdings Partnership Units and 267,685 deferred restricted common units.

(f)

On those few matters that may be submitted for a vote of the sole holder of the Series I preferred stock, Blackstone Partners L.L.C., an entity owned by senior managing directors of Blackstone and controlled by Mr. Schwarzman, is entitled to an aggregate number of votes on any matter that may be submitted for a vote of our common stock that is equal to the aggregate number of vested and unvested Blackstone Holdings Partnership Units held by the limited partners of Blackstone Holdings on the relevant record date and entitles it to participate in the vote on the same basis as our common stock. Our senior managing directors have agreed in the limited liability company agreement of Blackstone Partners L.L.C. that our founder, Mr. Schwarzman, will have the power to determine how the Series I preferred stock held by Blackstone Partners L.L.C. will be voted. Following the withdrawal, death or disability of Mr. Schwarzman (and any successor founder), this power will revert to the members of Blackstone Partners L.L.C. holding a majority in interest in that entity. The limited liability company agreement of Blackstone Partners L.L.C. provides that at such time as Mr. Schwarzman should cease to be a founding member, Jonathan D. Gray will thereupon succeed Mr. Schwarzman as the sole founding member of Blackstone Partners L.L.C. If Blackstone Partners L.L.C. directs us to do so, we will issue shares of Series I preferred stock to each of the limited partners of Blackstone Holdings, whereupon each holder of Series I preferred stock will be entitled to a number of votes that is equal to the number of vested and unvested Blackstone Holdings Partnership Units held by such Series I preferred stockholder on the relevant record date.

(g)

The Blackstone Holdings Partnership Units shown in the table above for such named executive officers and directors include (a) the following units held for the benefit of family members with respect to which the named executive officer or director, as applicable, disclaims beneficial ownership: Mr. Schwarzman—2,252,956 units held in various trusts for which Mr. Schwarzman is the investment trustee, Mr. James—1,407,207 units held in various trusts for which Mr. James and his brother are trustees (but Mr. James does not have or share investment control with respect to the units), Mr. Gray—2,068,818 units held in a trust for which Mr. Gray is the investment trustee, and Mr. Chae—1,150,070 units held in a trust for which Mr. Chae is the investment trustee, and Mr. Finley – 80,964 units held in a trust for which Mr. Finley is the investment trustee, and Mr. Baratta – 142,237 units held in a trust for which Mr. Baratta is the investment trustee, (b) the following units held in grantor retained annuity trusts for which the named executive officer or director, as applicable, is the investment trustee: Mr. Schwarzman—1,996,681 units, Mr. Gray—17,118,332 units, and (c) the following units held by a corporation for which the named executive officer is a controlling shareholder: Mr. Schwarzman—1,438,529 units, and Mr. Baratta – 4,541,950 units and (d) 5,000,000 units that have been pledged by Mr. Schwarzman as security to a third party to secure payment for a loan made by such third party. Mr. Schwarzman also directly, or through a corporation for which he is the controlling shareholder, beneficially owns an additional 364,278 partnership units in each of Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. In addition, with respect to Mr. Schwarzman, the above table excludes partnership units of Blackstone Holdings held by his children or in trusts for the benefit of his family as to which he has no voting or investment control. The Blackstone common stock shown in the table above for each named executive officer and director include (a) the following shares held for the benefit of family members with respect to which the named executive officer or director, as applicable, disclaims beneficial ownership: Mr. Finley—32,523 shares held in a family limited liability company and 4,000 shares held in a trust for the benefit of his spouse of which he is a trustee, and Ms. Lazarus—2,950 shares held in a trust for the benefit of family members over which she shares investment control and (b) Mr. Finley—11,000 shares held in a trust for the benefit of Mr. Finley and his family of which he is a trustee.

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(h)	The common stock shown in the table above for Mr. Parrett includes 10,000 shares that are pledged to a third party to secure payment for a loan.

(i)	Amounts reported for all current executive officers and directors as a group do not include any securities owned by Mr. James, who retired effective January 31, 2022.

		Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)				Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights				Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) (b)
Equity Compensation Plans Approved by Security Holders			58,454,722				—				158,080,558
Equity Compensation Plans Not Approved by Security Holders			—				—				—
			58,454,722				—				158,080,558

(a)	Reflects the outstanding number of our deferred restricted common stock units and deferred restricted Blackstone Holdings Partnership Units granted under the 2007 Equity Incentive Plan as of December 31, 2021.

(b)

The aggregate number of our common stock and Blackstone Holdings Partnership Units covered by the 2007 Equity Incentive Plan is increased on the first day of each fiscal year during its term by a number of shares of common stock equal to the positive difference, if any, of (a) 15% of the aggregate number of shares of our common stock and Blackstone Holdings Partnership Units outstanding on the last day of the immediately preceding fiscal year (excluding Blackstone Holdings Partnership Units held by Blackstone Inc. or its wholly owned subsidiaries) minus (b) the aggregate number of shares of our common stock and Blackstone Holdings Partnership Units covered by the 2007 Equity Incentive Plan as of such date (unless the administrator of the 2007 Equity Incentive Plan should decide to increase the number of shares of our common stock and Blackstone Holdings Partnership Units covered by the plan by a lesser amount). As of January 1, 2022, pursuant to this formula, 171,096,250 shares of common stock, which is equal to 0.15 times the number of shares of our common stock and Blackstone Holdings Partnership Units outstanding on December 31, 2021, were available for issuance under the 2007 Equity Incentive Plan. We have filed a registration statement and intend to file additional registration statements on Form S-8 under the Securities Act to register shares of common stock covered by the 2007 Equity Incentive Plan (including pursuant to automatic annual increases). Any such Form S-8 registration statement will automatically become effective upon filing. Accordingly, shares of common stock registered under such registration statement will be available for sale in the open market.

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Item 14.

Principal Accountant Fees and Services

		Year Ended December 31, 2021
		The Blackstone Group Inc.				Blackstone Entities, Principally Fund Related (c)				Blackstone Funds, Transaction Related (d)				Total
		(Dollars in Thousands)
Audit Fees		$	9,957	(a)		$	46,924			$	—			$	56,881
Audit-Related Fees			70				1,227				29,887				31,184
Tax Fees			736	(b)			80,411				11,145				92,292
All Other Fees			—				33				—				33
		$	10,763			$	128,595			$	41,032			$	180,390

		Year Ended December 31, 2020
		The Blackstone Group Inc.				Blackstone Entities, Principally Fund Related (c)				Blackstone Funds, Transaction Related (d)				Total
		(Dollars in Thousands)
Audit Fees		$	9,720	(a)		$	43,444			$	—			$	53,164
Audit-Related Fees			445				1,700				16,257				18,402
Tax Fees			972	(b)			71,680				19,748				92,400
All Other Fees			—				—				—				—
		$	11,137			$	116,824			$	36,005			$	163,966

(a)

Audit Fees consisted of fees for (1) the audits of our consolidated financial statements in our Annual Report on Form 10-K and services attendant to, or required by, statute or regulation, (2) reviews of the interim condensed consolidated financial statements included in our quarterly reports on Form 10-Q, and (3) consents and other services related to SEC and other regulatory filings.

(b)	Tax Fees consisted of fees for services rendered for tax compliance and tax planning and advisory services.

(c)	The Deloitte Entities also provide audit, audit-related and tax services (primarily tax compliance and related services) to certain Blackstone Funds and other corporate entities.

(d)

Audit-Related and Tax Fees included merger and acquisition due diligence services provided in connection with potential acquisitions of portfolio companies for investment purposes primarily to certain private equity and real estate funds managed by Blackstone in its capacity as the general partner. In addition, the Deloitte Entities provide audit, audit-related, tax and other services to the portfolio companies, which are approved directly by the portfolio company’s management and are not included in the amounts presented here.

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Item 15.

Exhibits and Financial Statement Schedules

(a)	The following documents are filed as part of this annual report.

1.	Financial Statements:

2.	Financial Statement Schedules:

3.

Exhibits:

Exhibit Number		Exhibit Description
3.1		Amended and Restated Certificate of Incorporation of Blackstone Inc. (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 filed with the SEC on August 6, 2021).
3.2		Amended and Restated Bylaws of Blackstone Inc. (incorporated herein by reference to Exhibit 3.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 filed with the SEC on August 6, 2021).
4.1*		Description of Capital Stock.
4.2		Indenture dated as of August 20, 2009 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 20, 2009).
4.3		Third Supplemental Indenture dated as of August 17, 2012 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 17, 2012).
4.4		Form of 4.750% Senior Note due 2023 (included in Exhibit 4.3 hereto).
4.5		Fourth Supplemental Indenture dated as of August 17, 2012 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 17, 2012).
4.6		Form of 6.250% Senior Note due 2042 (included in Exhibit 4.5 hereto).

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4.7		Fifth Supplemental Indenture dated as of April 7, 2014 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 7, 2014).
4.8		Form of 5.000% Senior Note due 2044 (included in Exhibit 4.7 hereto).
4.9		Sixth Supplemental Indenture dated as of April 27, 2015 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 27, 2015).
4.10		Form of 4.450% Senior Note due 2045 (included in Exhibit 4.9 hereto).
4.11		Seventh Supplemental Indenture dated as of May 19, 2015 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., The Bank of New York Mellon, as trustee, and The Bank of New York Mellon, London Branch, as paying agent (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on May 19, 2015).
4.12		Form of 2.000% Senior Note due 2025 (included in Exhibit 4.11 hereto).
4.13		Guarantor Joinder Agreement dated as of October 1, 2015 among Blackstone Holdings Finance Co. L.L.C., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., Blackstone Holdings AI L.P. and Citibank, N.A., as administrative agent (incorporated herein by reference to Exhibit 4.16 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
4.14		Eighth Supplemental Indenture dated as of October 1, 2015 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., Blackstone Holdings AI L.P. and The Bank of New York Mellon, as Trustee (incorporated herein by reference to Exhibit 4.17 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
4.15		Ninth Supplemental Indenture dated as of October 5, 2016 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., The Bank of New York Mellon, as trustee, and The Bank of New York Mellon, London Branch, as paying agent (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 5, 2016).
4.16		Form of 1.000% Senior Note due 2026 (included in Exhibit 4.15 hereto).
4.17		Tenth Supplemental Indenture dated as of October 2, 2017 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 2, 2017).
4.18		Form of 3.150% Senior Note due 2027 (included in Exhibit 4.17 hereto).

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4.19		Eleventh Supplemental Indenture dated as of October 2, 2017 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC October 2, 2017).
4.20		Form of 4.000% Senior Note due 2047 (included in Exhibit 4.19 hereto).
4.21		Twelfth Supplemental Indenture dated as of April 10, 2019 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., The Bank of New York Mellon, as trustee, and The Bank of New York Mellon, London Branch, as paying agent (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 11, 2019).
4.22		Form of 1.500% Senior Notes due 2029 (included in Exhibit 4.21 hereto).
4.23		Thirteenth Supplemental Indenture dated as of September 10, 2019 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 10, 2019).
4.24		Form of 2.500% Senior Note due 2030 (included in Exhibit 4.23 hereto).
4.25		Fourteenth Supplemental Indenture dated as of September 10, 2019 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 10, 2019).
4.26		Form of 3.500% Senior Note due 2049 (included in Exhibit 4.25 hereto).
4.27		Fifteenth Supplemental Indenture dated as of September 29, 2020 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 29, 2020).
4.28		Form of 1.600% Senior Note due 2031 (included in Exhibit 4.27 hereto).
4.29		Sixteenth Supplemental Indenture dated as of September 29, 2020 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on September 29, 2020).
4.30		Form of 2.800% Senior Note due 2050 (included in Exhibit 4.29 hereto).
4.31		Seventeenth Supplemental Indenture dated as of August 5, 2021 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 5, 2021).

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4.32		Form of 1.625% Senior Note due 2028 (included in Exhibit 4.31 hereto).
4.33		Eighteenth Supplemental Indenture dated as of August 5, 2021 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 5, 2021).
4.34		Form of 2.000% Senior Note due 2032 (included in Exhibit 4.33 hereto).
4.35		Nineteenth Supplemental Indenture dated as of August 5, 2021 among Blackstone Holdings Finance Co. L.L.C., The Blackstone Group Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.6 to the Registrant’s Current Report on Form 8-K filed with the SEC on August 5, 2021).
4.36		Form of 2.850% Senior Note due 2051 (included in Exhibit 4.35 hereto).
4.37		Twentieth Supplemental Indenture dated as of January 10, 2022 among Blackstone Holdings Finance Co. L.L.C., Blackstone Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on January 10, 2022).
4.38		Form of 2.550% Senior Note due 2032 (included in Exhibit 4.37 hereto).
4.39		Twenty-First Supplemental Indenture dated as of January 10, 2022 among Blackstone Holdings Finance Co. L.L.C., Blackstone Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and The Bank of New York Mellon, as trustee (incorporated herein by reference to Exhibit 4.4 to the Registrant’s Current report on Form 8-K filed with the SEC on January 10, 2022).
4.40		Form of 3.200% Senior Note due 2052 (included in Exhibit 4.39 hereto).
10.1		Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings I L.P., dated as of May 7, 2021, by and among Blackstone Holdings I/II GP L.L.C. and the limited partners of Blackstone Holdings I L.P. party thereto (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed with the SEC on May 7, 2021).
10.2		Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings II L.P., dated as of May 7, 2021, by and among Blackstone Holdings I/II GP L.L.C. and the limited partners of Blackstone Holdings II L.P. party thereto (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC on May 7, 2021).
10.3		Fifth Amended and Restated Limited Partnership Agreement of Blackstone Holdings III L.P., dated as of May 7, 2021, by and among Blackstone Holdings III GP L.P. and the limited partners of Blackstone Holdings III L.P. party thereto (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC on May 7, 2021).

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10.4		Fifth Amended and Restated Limited Partnership Agreement of Blackstone Holdings IV L.P., dated as of May 7, 2021, by and among Blackstone Holdings IV GP L.P. and the limited partners of Blackstone Holdings IV L.P. party thereto (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC on May 7, 2021).
10.5		Fourth Amended and Restated Limited Partnership Agreement of Blackstone Holdings AI L.P., dated as of May 7, 2021, by and among Blackstone Holdings I/II GP L.L.C. and the limited partners of Blackstone Holdings AI L.P. party thereto (incorporated herein by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC on May 7, 2021).
10.6		Amended and Restated Tax Receivable Agreement, dated as of May 7, 2021, by and among Blackstone Holdings I/II GP L.L.C., Blackstone Holdings I L.P., Blackstone Holdings II L.P. and the limited partners of Blackstone Holdings I L.P. and Blackstone Holdings II L.P. party thereto (incorporated herein by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC on May 7, 2021).
10.7+*		Sixth Amended and Restated Exchange Agreement, dated as of February 7, 2022, among Blackstone Inc., Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and the Blackstone Holdings Limited Partners from time to time party thereto.
10.8		Amended and Restated Registration Rights Agreement, dated as of May 7, 2021 (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC on May 7, 2021).
10.9+*		Blackstone Inc. Amended and Restated 2007 Equity Incentive Plan
10.10+		The Blackstone Group Inc. Ninth Amended and Restated Bonus Deferral Plan (incorporated herein by reference to Exhibit 10.10 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed with the SEC on May 7, 2021).
10.11+		Amended and Restated Founding Member Agreement of Stephen A. Schwarzman, dated as of March 1, 2018, by and among Blackstone Holdings I L.P. and Stephen A. Schwarzman (incorporated herein by reference to Exhibit 10.11 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 1, 2018).
10.12+		Letter Agreement, dated as of July 1, 2019, amending Amended and Restated Founding Member Agreement of Stephen A. Schwarzman, dated as of March 1, 2018, by and among Blackstone Holdings I L.P. and Stephen A. Schwarzman (incorporated herein by reference to Exhibit 99.9 to the Registrant’s Current Report on Form 8-K filed with the SEC on July 5, 2019).
10.13+		Form of Senior Managing Director Agreement by and among Blackstone Holdings I L.P. and each of the Senior Managing Directors from time to time party thereto (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Registration Statement on Form S-1/A filed with the SEC on June 14, 2007). (Applicable to all executive officers other than Mr. Schwarzman.)

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10.14+		Form of Deferred Restricted Common Unit Award Agreement (Directors) (incorporated herein by reference to Exhibit 10.36 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed with the SEC on August 8, 2008).
10.15+		Form of Deferred Restricted Blackstone Holdings Unit Award Agreement for Executive Officers (incorporated herein by reference to Exhibit 10.37 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 filed with the SEC on November 7, 2008).
10.16+		Second Amended and Restated Limited Liability Company Agreement of BMA V L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BMA V L.L.C. (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.17+		Second Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates International L.P., dated as of May 31, 2007, by and among BREA International (Cayman) Ltd. and certain limited partners (incorporated herein by reference to Exhibit 10.13 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.17.1+		Amendment No. 1 dated as of January 1, 2008 to the Second Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates International L.P., dated as of May 31, 2007, by and among BREA International (Cayman) Ltd. and certain limited partners (incorporated herein by reference to Exhibit 10.19.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC on May 15, 2008).
10.18+		Second Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates International II L.P., dated as of May 31, 2007, by and among BREA International (Cayman) II Ltd. and certain limited partners (incorporated herein by reference to Exhibit 10.14 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.19+		Amendment No. 1 dated as of January 1, 2008 to the Second Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates International II L.P., dated as of May 31, 2007, by and among BREA International (Cayman) II Ltd. and certain limited partners (incorporated herein by reference to Exhibit 10.20.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC on May 15, 2008).
10.20+		Second Amended and Restated Limited Liability Company Agreement of Blackstone Management Associates IV L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of Blackstone Management Associates IV L.L.C. (incorporated herein by reference to Exhibit 10.15 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.21+		Second Amended and Restated Limited Liability Company Agreement of Blackstone Mezzanine Management Associates L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of Blackstone Mezzanine Management Associates L.L.C. (incorporated herein by reference to Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.22+		Second Amended and Restated Limited Liability Company Agreement of Blackstone Mezzanine Management Associates II L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of Blackstone Mezzanine Management Associates II L.L.C. (incorporated herein by reference to Exhibit 10.17 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).

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10.23+		Second Amended and Restated Limited Liability Company Agreement of BREA IV L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BREA IV L.L.C. (incorporated herein by reference to Exhibit 10.18 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.24+		Second Amended and Restated Limited Liability Company Agreement of BREA V L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BREA V L.L.C. (incorporated herein by reference to Exhibit 10.19 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.25+		Second Amended and Restated Limited Liability Company Agreement of BREA VI L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BREA VI L.L.C. (incorporated herein by reference to Exhibit 10.20 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.25.1+		Amendment No. 1 dated as of January 1, 2008 to the Second Amended and Restated Limited Liability Company Agreement of BREA VI L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of BREA VI L.L.C. (incorporated herein by reference to Exhibit 10.26.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC on May 15, 2008).
10.26		Second Amended and Restated Limited Liability Company Agreement of Blackstone Communications Management Associates I L.L.C., dated as of May 31, 2007, by and among Blackstone Holdings III L.P. and certain members of Blackstone Communications Management Associates I L.L.C. (incorporated herein by reference to Exhibit 10.21 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2007 filed with the SEC on August 13, 2007).
10.27+		Amended and Restated Limited Liability Company Agreement of BCLA L.L.C., dated as of April 15, 2008, by and among Blackstone Holdings III L.P. and certain members of BCLA L.L.C. (incorporated herein by reference to Exhibit 10.28 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 filed with the SEC on May 15, 2008).
10.28+		Third Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Management Associates Europe III L.P., dated as of June 30, 2008 (incorporated herein by reference to Exhibit 10.28 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed with the SEC on August 8, 2008).
10.29+		Second Amended and Restated Limited Liability Company Agreement of Blackstone Real Estate Special Situations Associates L.L.C., dated as of June 30, 2008 (incorporated herein by reference to Exhibit 10.29 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008 filed with the SEC on August 8, 2008).
10.30+		BMA VI L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of July 31, 2008 (incorporated herein by reference to Exhibit 10.30 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 filed with the SEC on November 7, 2008).
10.31+		Fourth Amended and Restated Limited Liability Company Agreement of GSO Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.33 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).

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10.32+		Amended and Restated Limited Liability Company Agreement of GSO Overseas Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.34 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).
10.33+		Third Amended and Restated Limited Liability Company Agreement of GSO Capital Opportunities Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.36 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).
10.34+		Third Amended and Restated Limited Liability Company Agreement of GSO Capital Opportunities Overseas Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.37 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).
10.35+		Amended and Restated Limited Liability Company Agreement of GSO Liquidity Overseas Associates LLC, dated as of March 3, 2008 (incorporated herein by reference to Exhibit 10.39 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 filed with the SEC on March 2, 2009).
10.36+		Blackstone / GSO Capital Solutions Associates LLC Second Amended and Restated Limited Liability Company Agreement, dated as of May 22, 2009 (incorporated herein by reference to Exhibit 10.40 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.37+		Blackstone / GSO Capital Solutions Overseas Associates LLC Second Amended and Restated Limited Liability Company Agreement, dated as of July 10, 2009 (incorporated herein by reference to Exhibit 10.41 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.38+		Blackstone Real Estate Special Situations Associates II L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of June 30, 2009 (incorporated herein by reference to Exhibit 10.42 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.39+		Blackstone Real Estate Special Situations Management Associates Europe L.P. Amended and Restated Agreement of Limited Partnership, dated as of June 30, 2009 (incorporated herein by reference to Exhibit 10.43 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.40+		BRECA L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of May 1, 2009 (incorporated herein by reference to Exhibit 10.44 to the Registrant’s Quarterly Report on 10-Q for the quarter ended June 30, 2009 filed with the SEC on August 7, 2009).
10.41+		GSO Targeted Opportunity Associates LLC Amended and Restated Limited Liability Company Agreement, dated as of December 9, 2009 (incorporated herein by reference to Exhibit 10.48 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 filed with the SEC on May 10, 2010).
10.42+		GSO Targeted Opportunity Overseas Associates LLC Amended and Restated Limited Liability Company Agreement, dated as of December 9, 2009 (incorporated herein by reference to Exhibit 10.49 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2010 filed with the SEC on May 10, 2010).

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10.43+		BCVA L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of July 8, 2010 (incorporated herein by reference to Exhibit 10.50 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010 filed with the SEC on August 6, 2010).
10.44+		Amended and Restated Agreement of Exempted Limited Partnership of MB Asia REA L.P., dated November 23, 2010 (incorporated herein by reference to Exhibit 10.51 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC on February 25, 2011).
10.45+		Amended and Restated Limited Liability Company Agreement of GSO SJ Partners Associates LLC, dated December 7, 2010, by and among GSO Holdings I L.L.C. and certain members of GSO SJ Partners Associates LLC thereto (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011 filed with the SEC on May 6, 2011).
10.46+		Amended and Restated Exempted Limited Partnership Agreement of GSO Capital Opportunities Associates II LP, dated as of December 31, 2015 (incorporated herein by reference to Exhibit 10.53 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.47+		Blackstone EMA L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of August 1, 2011 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed with the SEC on November 9, 2011).
10.48+		Blackstone Real Estate Associates VII L.P. Second Amended and Restated Agreement of Limited Partnership, dated as of September 1, 2011 (incorporated herein by reference to Exhibit 10.53.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC on February 28, 2012).
10.49+		GSO Energy Partners-A Associates LLC Second Amended and Restated Limited Liability Company Agreement, dated as of February 28, 2012 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 filed with the SEC on May 7, 2012).
10.50+		BTOA L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of February 15, 2012 (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012 filed with the SEC on May 7, 2012).
10.51+		Form of Deferred Holdings Unit Agreement for Senior Managing Directors (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 7, 2012).
10.52+		Amended and Restated Limited Liability Company Agreement of Blackstone Commercial Real Estate Debt Associates L.L.C., dated as of November 12, 2010 (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 filed with the SEC on August 7, 2012).
10.53+		Limited Liability Company Agreement of Blackstone Innovations L.L.C., dated November 2, 2012 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on November 2, 2012).
10.54+		Amended and Restated Agreement of Exempted Limited Partnership of Blackstone Innovations (Cayman) III L.P., dated November 2, 2012 (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on November 2, 2012).

---

10.55+		GSO Foreland Resources Co-Invest Associates LLC Amended and Restated Limited Liability Company Agreement, dated as of August 10, 2012 (incorporated herein by reference to Exhibit 10.60 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 1, 2013).
10.56+		GSO Palmetto Opportunistic Associates LLC Amended and Restated Limited Liability Company Agreement, dated as of July 31, 2012 (incorporated herein by reference to Exhibit 10.61 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 1, 2013).
10.57+		Second Amended and Restated Agreement of Exempted Limited Partnership of Blackstone Real Estate Associates Asia L.P., dated February 26, 2014 (incorporated herein by reference to Exhibit 10.63 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on February 28, 2014).
10.58+		Amended and Restated Agreement of Exempted Limited Partnership of Blackstone Real Estate Associates Europe IV L.P., dated February 26, 2014 (incorporated herein by reference to Exhibit 10.64 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on February 28, 2014).
10.59		Aircraft Dry Lease Agreement between 113CS LLC and Blackstone Administrative Services Partnership L.P., dated as of January 15, 2015 (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 filed with the SEC on May 8, 2015).
10.60+		Form of Special Equity Award – Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 filed with the SEC on August 6, 2015).
10.61+		Amended and Restated Agreement of Limited Partnership of BREP Edens Associates L.P., dated as of December 18, 2013 (incorporated herein by reference to Exhibit 10.76 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.62+		Amended and Restated Agreement of Exempt Limited Partnership of Blackstone AG Associates L.P., dated as of February 16, 2016 and deemed effective as of May 30, 2014 (incorporated herein by reference to Exhibit 10.77 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.63+		Amended and Restated Agreement of Limited Partnership of BREP OMP Associates L.P., dated as of June 27, 2014 (incorporated herein by reference to Exhibit 10.78 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.64+		Amended and Restated Agreement of Exempted Limited Partnership of Blackstone OBS Associates L.P., dated as of February 16, 2016 and deemed effective July 25, 2014 (incorporated herein by reference to Exhibit 10.79 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).

---

10.65+		Amended and Restated Limited Liability Company Agreement of Blackstone EMA II L.L.C., dated as of October 21, 2014 (incorporated herein by reference to Exhibit 10.80 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.66+		Second Amended and Restated Agreement of Limited Partnership of Blackstone Liberty Place Associates L.P., dated as of February 9, 2015 (incorporated herein by reference to Exhibit 10.81 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.67+		Second Amended and Restated Agreement of Exempted Limited Partnership of BPP Core Asia Associates L.P., dated February 16, 2016 and deemed effective March 18, 2015 (incorporated herein by reference to Exhibit 10.82 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.68+		Second Amended and Restated Agreement of Exempted Limited Partnership of BPP Core Asia Associates-NQ L.P., dated as of February 16, 2016 and deemed effective March 18, 2015 (incorporated herein by reference to Exhibit 10.83 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.69+		Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Associates VIII L.P., dated as of March 27, 2015 (incorporated herein by reference to Exhibit 10.84 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.70+		Amended and Restated Limited Liability Company Agreement of BMA VII L.L.C., dated as of May 13, 2015 (incorporated herein by reference to Exhibit 10.85 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.71+		Amended and Restated Agreement of Exempt Limited Partnership of Blackstone Property Associates International L.P., dated as of February 16, 2016 and deemed effective as of July 15, 2015 (incorporated herein by reference to Exhibit 10.86 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.72+		Amended and Restated Agreement of Exempt Limited Partnership of Blackstone Property Associates International-NQ L.P., dated as of February 16, 2016 and deemed effective July 28, 2015 (incorporated herein by reference to Exhibit 10.87 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 26, 2016).
10.73+		BTOA II L.L.C. Amended and Restated Limited Liability Company Agreement, dated as of December 19, 2014 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 filed with the SEC on August 4, 2016).
10.74+		Special Equity Award – Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive Plan (Chief Financial Officer) (Chief Financial Officer) (incorporated herein by reference to Exhibit 10.82 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 24, 2017).
10.75+		Form of Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive Plan (2013 and 2014 awards) (incorporated herein by reference to Exhibit 10.83 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 24, 2017).

---

10.76+		Amended and Restated Agreement of Exempted Limited Partnership of Blackstone Real Estate Associates Europe V L.P., dated May 8, 2017 and deemed effective March 1, 2016 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 filed with the SEC on May 9, 2017).
10.77+		Amended and Restated Limited Liability Company Agreement of Blackstone CEMA L.L.C., dated February 9, 2016 (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 filed with the SEC on August 8, 2017).
10.78+		Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Debt Strategies Associates II L.P., dated February 15, 2018 and deemed effective as of April 17, 2013 (incorporated herein by reference to Exhibit 10.86 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 1, 2018).
10.79+		Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Debt Strategies Associates III L.P., dated February 15, 2018 and deemed effective as of July 25, 2016 (incorporated herein by reference to Exhibit 10.87 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 1, 2018).
10.80		Form of Aircraft Dry Lease Agreement between GH4 Partners LLC and Blackstone Administrative Services Partnership L.P. (incorporated herein by reference to Exhibit 10.82 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.81		Form of Aircraft Dry Lease Agreement (N345XB) between Hilltop Asset Holdings LLC and Blackstone Administrative Services Partnership L.P. (incorporated herein by reference to Exhibit 10.83 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.82		Form of Aircraft Dry Lease Agreement (N776BT) between Hilltop Asset Holdings LLC and Blackstone Administrative Services Partnership L.P. (incorporated herein by reference to Exhibit 10.84 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.83		Amended and Restated Credit Agreement dated as of March 23, 2010, as amended and restated as of May 29, 2014, as further amended and restated as of August 31, 2016, as further amended and restated as of September 21, 2018, and as further amended and restated as of November 24, 2020, among Blackstone Holdings Finance Co. L.L.C., as borrower, Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., as guarantors, Citibank, N.A., as administrative agent and the lenders party thereto (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on November 25, 2020).
10.84+		Amended and Restated Limited Partnership Agreement of BTOA III L.P., dated as of February 27, 2019 and deemed effective as of May 24, 2018 (incorporated herein by reference to Exhibit 10.92 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 1, 2019).
10.85+		Amended and Restated Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive plan between The Blackstone Group L.P. and the Participant named therein (incorporated herein by reference to Exhibit 10.93 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 1, 2019).

---

10.86+		Form of Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive Plan (incorporated herein by reference to Exhibit 10.94 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 1, 2019).
10.87+		Amended and Restated Limited Partnership Agreement of Blackstone Management Associates Asia L.P., dated as of August 6, 2019, and deemed effective as of November 9, 2017 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.88+		Second Amended and Restated Limited Partnership Agreement of BREIT Special Limited Partner L.P., dated as of February 12, 2020 and deemed effective as of January 1, 2018 (incorporated herein by reference to Exhibit 10.90 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.89+		Amended and Restated Exempted Limited Partnership Agreement of Blackstone Real Estate Associates Asia II L.P., dated August 6, 2019 and deemed effective September 21, 2017 (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.90+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates L.P., dated as of August 6, 2019 and deemed effective as of August 24, 2014 (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.91+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates 2015 I L.P., dated as of August 6, 2019 and deemed effective as of February 24, 2015 (incorporated herein by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.92+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates 2016 L.P., dated as of August 6, 2019 and deemed effective as of December 9, 2016 (incorporated herein by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.93+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates IV L.P., dated as of August 6, 2019 and deemed effective as of December 22, 2017 (incorporated herein by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.94+		Amended and Restated Limited Partnership Agreement of Blackstone Total Alternatives Solution Associates V L.P., dated as of August 6, 2019 and deemed effective as of October 31, 2018 (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.95+		Third Amended and Restated Limited Liability Company Agreement of BTOSIA L.L.C., dated as of August 6, 2019 and deemed effective as of May 12, 2016 (incorporated herein by reference to Exhibit 10.9 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).
10.96+		Amended and Restated Exempted Limited Partnership Agreement of Blackstone UK Mortgage Opportunities Management Associates (Cayman) L.P., dated August 6, 2019 and deemed effective December 4, 2015 (incorporated herein by reference to Exhibit 10.10 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed with the SEC on August 8, 2019).

---

10.97+		Amended and Restated Limited Partnership Agreement of Blackstone EMA III GP L.P., dated as of November 6, 2019 and deemed effective as of August 17, 2018 (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 filed with the SEC on November 8, 2019).
10.98+		Amended and Restated Limited Partnership Agreement of BMA VIII GP L.P., dated as of November 6, 2019 and deemed effective as of March 29, 2019 (incorporated herein by reference to Exhibit 10.13 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 filed with the SEC on November 8, 2019).
10.99+		Form of Deferred Holdings Unit Agreement under The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (2019) (incorporated herein by reference to Exhibit 10.101 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.100+		Form of Deferred Holdings Unit Agreement under The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (Termination Vesting 2019) (incorporated herein by reference to Exhibit 10.102 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.101+		Form of Deferred Unit Agreement under The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (2020) (incorporated herein by reference to Exhibit 10.103 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.102+		Form of Deferred Unit Agreement under The Blackstone Group Inc. Amended and Restated 2007 Equity Incentive Plan (Termination Vesting 2020) (incorporated herein by reference to Exhibit 10.104 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.103+		Amended and Restated Limited Partnership Agreement of BREA Europe VI (Cayman) L.P., dated as of February 26, 2020 and deemed effective as of May 8, 2019 (incorporated herein by reference to Exhibit 10.105 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.104+		Amended and Restated Limited Partnership Agreement of BREA IX (Delaware) L.P., dated as of February 26, 2020 and deemed effective as of December 21, 2018 (incorporated herein by reference to Exhibit 10.106 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 28, 2020).
10.105+		Amended and Restated Agreement of Limited Partnership, of Strategic Partners Fund Solutions Associates – NC Real Asset Opportunities, L.P., dated as of September 30, 2014 (incorporated herein by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.106+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VI L.P., dated as of April 8, 2015 (incorporated herein by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).

---

10.107+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VII L.P., dated November 4, 2020, and effective as of December 13, 2018 (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.108+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Infrastructure III L.P., dated November 4, 2020, and effective as of December 24, 2019 (incorporated herein by reference to Exhibit 10.9 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.109+		Amended and Restated Agreement of Limited Partnership of Strategic Partners Fund Solutions Associates RA II L.P., dated November 4, 2020, and effective as of April 3, 2017 (incorporated herein by reference to Exhibit 10.10 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.110+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VI L.P., dated as of December 19, 2013 (incorporated herein by reference to Exhibit 10.11 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.111+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VII L.P., dated as of February 12, 2016 (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.112+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VIII L.P., dated November 4, 2020, and effective as of December 21, 2018 (incorporated herein by reference to Exhibit 10.13 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.113+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates DE L.P., dated November 4, 2020, and effective as of February 26, 2018 (incorporated herein by reference to Exhibit 10.14 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.114+		Amended and Restated Limited Partnership Agreement of Blackstone CEMA II GP L.P., dated as of November 4, 2020 (incorporated herein by reference to Exhibit 10.15 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.115+		Amended and Restated Limited Partnership Agreement of BREDS IV L.P., dated as of November 4, 2020, and effective as of April 3, 2020 (incorporated herein by reference to Exhibit 10.16 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).
10.116+		Amended and Restated Limited Partnership Agreement of BXLS V GP L.P., dated as of November 4, 2020, and effective as of December 31, 2019 (incorporated herein by reference to Exhibit 10.17 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020).

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21.1*		Subsidiaries of the Registrant.
23.1*		Consent of Deloitte & Touche LLP.
31.1*		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).
31.2*		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).
32.1*		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
32.2*		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.

+	Management contract or compensatory plan or arrangement in which directors or executive officers are eligible to participate.

Item 16.

Form 10-K Summary

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/s/ Stephen A. Schwarzman Stephen A. Schwarzman, Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)		/s/ Reginald J. Brown Reginald J. Brown, Director
/s/ Jonathan D. Gray Jonathan D. Gray, President, Chief Operating Officer and Director		/s/ Sir John Antony Hood Sir John Antony Hood, Director
/s/ Michael S. Chae Michael S. Chae, Chief Financial Officer (Principal Financial Officer)		/s/ Rochelle B. Lazarus Rochelle B. Lazarus, Director
/s/ David Payne David Payne, Chief Accounting Officer (Principal Accounting Officer)		/s/ Jay O. Light Jay O. Light, Director
/s/ Joseph P. Baratta Joseph P. Baratta, Director		/s/ Brian Mulroney Brian Mulroney, Director
/s/ Kelly A. Ayotte Kelly A. Ayotte, Director		/s/ William G. Parrett William G. Parrett, Director
/s/ James W. Breyer James W. Breyer, Director		/s/ Ruth Porat Ruth Porat, Director