BX 10-K Fiscal year ended Dec. 31, 2022

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM                  TO

Delaware		20-8875684
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		BX		New York Stock Exchange

Large accelerated filer ☒		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
		Emerging growth company ☐

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				Page
Part I.
Item 1.		Business			8
Item 1A.		Risk Factors			25
Item 1B.		Unresolved Staff Comments			84
Item 2.		Properties			84
Item 3.		Legal Proceedings			84
Item 4.		Mine Safety Disclosures			84
Part II.
Item 5.		Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			85
Item 6.		(Reserved)			86
Item 7.		Management’s Discussion and Analysis of Financial Condition and Results of Operations			86
Item 7A.		Quantitative and Qualitative Disclosures About Market Risk			148
Item 8.		Financial Statements and Supplementary Data			152
Item 8A.		Unaudited Supplemental Presentation of Statements of Financial Condition			225
Item 9.		Changes in and Disagreements With Accountants on Accounting and Financial Disclosure			227
Item 9A.		Controls and Procedures			227
Item 9B.		Other Information			228
Item 9C.		Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			228
Part III.
Item 10.		Directors, Executive Officers and Corporate Governance			229
Item 11.		Executive Compensation			236
Item 12.		Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			258
Item 13.		Certain Relationships and Related Transactions, and Director Independence			262
Item 14.		Principal Accountant Fees and Services			268
Part IV.
Item 15.		Exhibits and Financial Statement Schedules			269
Item 16.		Form 10-K Summary			285
Signatures					286

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Our business could be adversely affected by difficult market and economic conditions, including an economic slowdown, as well as geopolitical conditions or other global events, each of which could materially reduce our revenue, earnings and cash flow and adversely affect our operating results and 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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Another pandemic or global health crisis like the COVID-19 pandemic may adversely impact our performance and results of operations.

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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,

(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,

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(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, BEPIF, 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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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 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 and AIFM of BEPIF receive a management fee based on a percentage of BREIT’s or BEPIF’s, as applicable, net asset value per annum, 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 a performance participation allocation of 12.5% of total return, subject to a 5% hurdle amount with a catch-up and recouping any loss carry forward amounts, payable quarterly.

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The general partners of certain open-ended BPP and BIP funds are entitled to an incentive fee allocation generally between 7% 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 allocations 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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higher prices for commodities or other goods,

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economic slowdown or recession 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 limits on 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,

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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 developed for individual investors or that target 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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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 financial intermediation involving entities and activities outside the regulated banking system. Federal regulatory bodies, such as the FSOC, and international organizations, such as the

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Financial Stability Board, are assessing financial stability-related risks associated with, among other things, nonbank lending and certain types of open-end funds. At this time, it is unclear whether any rules or regulations related thereto will be proposed. If nonbank financial intermediation became subject to regulations or oversight standards similar to those applicable to traditional banks, certain of our business activities, including nonbank lending, would be adversely affected and the regulatory burden on us would materially increase, 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 nonbank 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. Under its most recent guidance regarding procedures for designating nonbank financial companies as SIFIs, the FSOC shifted 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. If any of our activities were identified by the FSOC as posing potential risks to U.S. financial stability, such activities could be subject to modified or enhanced regulation or supervision by U.S. regulators with jurisdiction over such activities, although no proposals have been made indicating how such measures would be applied to any such identified activities.

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Under the FSOC’s most recent guidance, designation of an individual firm as a nonbank SIFI would only occur if, after engaging with the firm’s primary federal and state regulators, the FSOC determines that those regulators’ actions are inadequate to address the identified potential risk to U.S. financial stability. If we were designated as a nonbank 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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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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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 war, 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 “corporate partnership” transactions. 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 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 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 corporate partnerships (which can include future royalty or other milestone-based payments) are often contingent upon the achievement of certain milestones, including approvals of the applicable product candidate and/or product sales thresholds, over which BXLS may not have the ability to exercise meaningful control.

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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 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.

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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.

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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. For example, in the U.S., Federal legislation has passed that modifies coverage, reimbursement and pricing policies for certain products. Although certain components of such legislation have yet to be implemented or defined by regulatory agencies, such legislation may result in the unavailability of adequate third party payer reimbursement to enable BXLS to realize an appropriate return on its 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.

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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. As a result, we do not have the ability to control the investment activities of such funds, including with respect to the selection of investment opportunities, any deviation from stated or expected investment strategy, the liquidation of positions and the use of leverage to finance the purchase of investments, each of which may impact our ability to generate a successful return on our investment in such underlying fund.

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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.

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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 depends 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 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

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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. In addition, our certificate of incorporation provides voting rights to holders of our common stock on the following additional matters:

•

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

•

A merger, consolidation or other business combination,

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•

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 Stockholder Matters and Issuer Purchases of Equity Securities

		2022				2021
First Quarter		$	1.32			$	0.82
Second Quarter			1.27				0.70
Third Quarter			0.90				1.09
Fourth Quarter			0.91				1.45
		$	4.40			$	4.06

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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.

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(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, BEPIF, 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,												2022 vs. 2021								2021 vs. 2020
		2022				2021				2020				$				%				$				%
		(Dollars in Thousands)
Revenues
Management and Advisory Fees, Net		$	6,303,315			$	5,170,707			$	4,092,549			$	1,132,608				22%			$	1,078,158				26%
Incentive Fees			525,127				253,991				138,661				271,136				107%				115,330				83%
Investment Income (Loss)
Performance Allocations
Realized			5,381,640				5,653,452				2,106,000				(271,812	)			-5%				3,547,452				168%
Unrealized			(3,435,056	)			8,675,246				(384,393	)			(12,110,302	)			n/m				9,059,639				n/m
Principal Investments
Realized			850,327				1,003,822				391,628				(153,495	)			-15%				612,194				156%
Unrealized			(1,563,849	)			1,456,201				(114,607	)			(3,020,050	)			n/m				1,570,808				n/m
Total Investment Income			1,233,062				16,788,721				1,998,628				(15,555,659	)			-93%				14,790,093				740%
Interest and Dividend Revenue			271,612				160,643				125,231				110,969				69%				35,412				28%
Other			184,557				203,086				(253,142	)			(18,529	)			-9%				456,228				n/m
Total Revenues			8,517,673				22,577,148				6,101,927				(14,059,475	)			-62%				16,475,221				270%
Expenses
Compensation and Benefits
Compensation			2,569,780				2,161,973				1,855,619				407,807				19%				306,354				17%
Incentive Fee Compensation			207,998				98,112				44,425				109,886				112%				53,687				121%
Performance Allocations Compensation
Realized			2,225,264				2,311,993				843,230				(86,729	)			-4%				1,468,763				174%
Unrealized			(1,470,588	)			3,778,048				(154,516	)			(5,248,636	)			n/m				3,932,564				n/m
Total Compensation and Benefits			3,532,454				8,350,126				2,588,758				(4,817,672	)			-58%				5,761,368				223%
General, Administrative and Other			1,092,671				917,847				711,782				174,824				19%				206,065				29%
Interest Expense			317,225				198,268				166,162				118,957				60%				32,106				19%
Fund Expenses			30,675				10,376				12,864				20,299				196%				(2,488	)			-19%
Total Expenses			4,973,025				9,476,617				3,479,566				(4,503,592	)			-48%				5,997,051				172%
Other Income (Loss)
Change in Tax Receivable Agreement Liability			22,283				(2,759	)			(35,383	)			25,042				n/m				32,624				-92%
Net Gains from Fund Investment Activities			(105,142	)			461,624				30,542				(566,766	)			n/m				431,082				n/m
Total Other Income (Loss)			(82,859	)			458,865				(4,841	)			(541,724	)			n/m				463,706				n/m
Income Before Provision for Taxes			3,461,789				13,559,396				2,617,520				(10,097,607	)			-74%				10,941,876				418%
Provision for Taxes			472,880				1,184,401				356,014				(711,521	)			-60%				828,387				233%
Net Income			2,988,909				12,374,995				2,261,506				(9,386,086	)			-76%				10,113,489				447%
Net Income (Loss) Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			(142,890	)			5,740				(13,898	)			(148,630	)			n/m				19,638				n/m
Net Income Attributable to Non- Controlling Interests in Consolidated Entities			107,766				1,625,306				217,117				(1,517,540	)			-93%				1,408,189				649%
Net Income Attributable to Non- Controlling Interests in Blackstone Holdings			1,276,402				4,886,552				1,012,924				(3,610,150	)			-74%				3,873,628				382%
Net Income Attributable to Blackstone Inc.		$	1,747,631			$	5,857,397			$	1,045,363			$	(4,109,766	)			-70%			$	4,812,034				460%

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•

A decrease of $6.7 billion in our Real Estate segment, primarily attributable to lower net unrealized appreciation of investments in BREP and Core+ during the year ended December 31, 2022 compared to the year ended December 31, 2021. BREP and Core+ carrying value increased 7.1% and 10.3%, respectively, in the year ended December 31, 2022 compared to increases of 43.8% and 25.0%, respectively, in the year ended December 31, 2021.

•

A decrease of $5.6 billion in our Private Equity segment, primarily attributable to net unrealized depreciation of investments in corporate private equity and lower net unrealized appreciation in Strategic Partners in the year ended December 31, 2022 compared to net unrealized appreciation of investments in the year ended December 31, 2021. Corporate private equity and Strategic Partners carrying value decreased 0.6% and increased 8.5%, respectively, in the year ended December 31, 2022 compared to increases of 42.2% and 61.2%, respectively, in the year ended December 31, 2021.

•

A decrease of $1.3 billion in our Credit & Insurance segment, primarily attributable to an unrealized loss on the ownership of Corebridge common stock based on the publicly traded price as of December 31, 2022.

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		Year Ended December 31,
		2022																				2021
		Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total				Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	221,476,699			$	156,556,959			$	197,900,832			$	74,034,568			$	649,969,058			$	149,121,461			$	129,539,630			$	116,645,413			$	74,126,610			$	469,433,114
Inflows (a)			98,569,361				20,408,720				43,116,181				10,175,526				172,269,788				73,051,751				37,527,024				103,311,869				10,656,310				224,546,954
Outflows (b)			(20,168,572	)			(3,799,650	)			(22,426,317	)			(11,698,834	)			(58,093,373	)			(3,092,934	)			(3,693,890	)			(11,948,060	)			(14,704,010	)			(33,438,894	)
Net Inflows (Outflows)			78,400,789				16,609,070				20,689,864				(1,523,308	)			114,176,415				69,958,817				33,833,134				91,363,809				(4,047,700	)			191,108,060
Realizations (c)			(22,661,825	)			(9,111,472	)			(8,644,654	)			(1,988,241	)			(42,406,192	)			(14,210,387	)			(13,187,981	)			(12,775,234	)			(1,569,057	)			(41,742,659	)
Market Activity (d)(g)			4,751,490				3,028,295				(11,783,111	)			650,933				(3,352,393	)			16,606,808				6,372,176				2,666,844				5,524,715				31,170,543
Balance, End of Period (e)		$	281,967,153			$	167,082,852			$	198,162,931			$	71,173,952			$	718,386,888			$	221,476,699			$	156,556,959			$	197,900,832			$	74,034,568			$	649,969,058
Increase (Decrease)		$	60,490,454			$	10,525,893			$	262,099			$	(2,860,616	)		$	68,417,830			$	72,355,238			$	27,017,329			$	81,255,419			$	(92,042	)		$	180,535,944
Increase (Decrease)			27	%			7	%			—				-4	%			11	%			49	%			21	%			70	%			—				38	%
Annualized Base Management Fee Rate (f)			0.97	%			1.10	%			0.62	%			0.77	%			0.88	%			1.09	%			1.10	%			0.55	%			0.86	%			0.92	%

		Year Ended December 31,
		2020
		Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	128,214,137			$	97,773,964			$	106,450,747			$	75,636,004			$	408,074,852
Inflows (a)			28,071,474				45,359,946				26,035,009				9,712,930				109,179,359
Outflows (b)			(3,517,881	)			(5,956,364	)			(9,417,126	)			(12,538,753	)			(31,430,124	)
Net Inflows (Outflows)			24,553,593				39,403,582				16,617,883				(2,825,823	)			77,749,235
Realizations (c)			(9,007,492	)			(7,290,931	)			(5,506,288	)			(1,346,147	)			(23,150,858	)
Market Activity (d)(g)			5,361,223				(346,985	)			(916,929	)			2,662,576				6,759,885
Balance, End of Period (e)		$	149,121,461			$	129,539,630			$	116,645,413			$	74,126,610			$	469,433,114
Increase (Decrease)		$	20,907,324			$	31,765,666			$	10,194,666			$	(1,509,394	)		$	61,358,262
Increase (Decrease)			16	%			32	%			10	%			-2	%			15	%
Annualized Base Management Fee Rate (f)			1.14	%			1.00	%			0.57	%			0.81	%			0.91	%

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		Year Ended December 31,
		2022																				2021
		Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total				Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	279,474,105			$	261,471,007			$	258,622,467			$	81,334,141			$	880,901,720			$	187,191,247			$	197,549,222			$	154,393,590			$	79,422,869			$	618,556,928
Inflows (a)			90,199,877				52,706,725				72,038,472				11,094,365				226,039,439				75,257,777				53,858,227				129,433,685				11,921,965				270,471,654
Outflows (b)			(13,577,103	)			(3,989,728	)			(22,995,061	)			(11,499,687	)			(52,061,579	)			(5,145,881	)			(2,969,032	)			(13,411,898	)			(14,562,917	)			(36,089,728	)
Net Inflows (Outflows)			76,622,774				48,716,997				49,043,411				(405,322	)			173,977,860				70,111,896				50,889,195				116,021,787				(2,640,952	)			234,381,926
Realizations (c)			(37,061,836	)			(24,235,386	)			(18,352,741	)			(2,117,677	)			(81,767,640	)			(19,490,016	)			(36,616,307	)			(19,475,414	)			(1,627,766	)			(77,209,503	)
Market Activity (d)(h)			7,111,861				2,949,524				(9,405,107	)			904,859				1,561,137				41,660,978				49,648,897				7,682,504				6,179,990				105,172,369
Balance, End of Period (e)		$	326,146,904			$	288,902,142			$	279,908,030			$	79,716,001			$	974,673,077			$	279,474,105			$	261,471,007			$	258,622,467			$	81,334,141			$	880,901,720
Increase (Decrease)		$	46,672,799			$	27,431,135			$	21,285,563			$	(1,618,140	)		$	93,771,357			$	92,282,858			$	63,921,785			$	104,228,877			$	1,911,272			$	262,344,792
Increase (Decrease)			17	%			10	%			8	%			-2	%			11	%			49	%			32	%			68	%			2	%			42	%

		Year Ended December 31,
		2020
		Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	163,156,064			$	182,886,109			$	144,342,178			$	80,738,112			$	571,122,463
Inflows (a)			33,426,600				23,030,463				28,141,077				10,415,356				95,013,496
Outflows (b)			(3,836,842	)			(2,707,863	)			(9,380,391	)			(13,353,437	)			(29,278,533	)
Net Inflows (Outflows)			29,589,758				20,322,600				18,760,686				(2,938,081	)			65,734,963
Realizations (c)			(16,256,579	)			(17,304,777	)			(7,670,738	)			(1,392,894	)			(42,624,988	)
Market Activity (d)(h)			10,702,004				11,645,290				(1,038,536	)			3,015,732				24,324,490
Balance, End of Period (e)		$	187,191,247			$	197,549,222			$	154,393,590			$	79,422,869			$	618,556,928
Increase (Decrease)		$	24,035,183			$	14,663,113			$	10,051,412			$	(1,315,243	)		$	47,434,465
Increase (Decrease)			15	%			8	%			7	%			-2	%			8	%

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(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, 2022, the impact to Fee-Earning Assets Under Management from foreign exchange rate fluctuations was $(3.5) billion, $(123.5) million, $(1.7) billion, $(573.2) million, and $(5.9) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the year ended December 31, 2021, the impact to Fee-Earning Assets Under Management from 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, such impact was $2.4 billion, $1.0 billion and $3.5 billion for the Real Estate, Credit & Insurance and Total segments, respectively.

(h)

For the year ended December 31, 2022, the impact to Total Assets Under Management from foreign exchange rate fluctuations was $(6.6) billion, $(1.5) billion, $(2.1) billion, $(571.4) million, and $(10.8) billion for the Real Estate, Private Equity, Credit & Insurance, Hedge Fund Solutions and Total segments, respectively. For the year ended December 31, 2021, the impact to Total Assets Under Management from 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, such impact 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.

•

In our Real Estate segment, an increase of $60.5 billion from $221.5 billion at December 31, 2021 to $282.0 billion at December 31, 2022. The net increase was due to inflows of $98.6 billion and market appreciation of $4.8 billion, offset by realizations of $22.7 billion and outflows of $20.2 billion.

o

Inflows were driven by $38.7 billion from BREP and co-investment, primarily due to the commencement of the BREP X and BREP Asia III investment periods, $27.7 billion from BREIT, $17.8 billion from BREDS, primarily due to allocations of insurance capital and BREDS IV and $13.3 billion from BPP and co-investment.

o

Market appreciation was driven by appreciation of $9.6 billion from Core+ real estate (which reflected $2.8 billion of foreign exchange depreciation), partially offset by investment depreciation of $4.8 billion from BREDS insurance vehicles and foreign exchange depreciation of $639.2 million from BREP and co-investment.

o

Realizations were driven by $7.7 billion from BREIT, $7.4 billion from BREDS, $3.9 billion from BREP and co-investment and $3.6 billion from BPP and co-investment.

---

o

Outflows were driven by $10.6 billion from BREIT repurchases, $7.1 billion from BREP and co-investment from uninvested reserves at the end of BREP IX’s and BREP Asia II’s investment periods and $2.1 billion from BPP and co-investment.

•

In our Private Equity segment, an increase of $10.5 billion from $156.6 billion at December 31, 2021 to $167.1 billion at December 31, 2022. The net increase was due to inflows of $20.4 billion and market appreciation of $3.0 billion, offset by realizations of $9.1 billion and outflows of $3.8 billion.

o

Inflows were driven by $9.0 billion from Strategic Partners, $6.0 billion from BIP, $2.9 billion from Tactical Opportunities and $1.5 billion from corporate private equity.

o

Market appreciation was driven by $2.9 billion from BIP.

o

Realizations were driven by $3.4 billion from Strategic Partners, $2.6 billion from Tactical Opportunities and $2.3 billion from corporate private equity.

o

Outflows were driven by $2.3 billion in BIP resulting from the change in the calculation of management fees to exclude unfunded commitments, $469.3 million in Tactical Opportunities, $381.4 million in multi-asset products and $369.8 million from corporate private equity.

•

In our Credit & Insurance segment, an increase of $262.1 million from $197.9 billion at December 31, 2021 to $198.2 billion at December 31, 2022. The net increase was due to inflows of $43.1 billion, offset by outflows of $22.4 billion, market depreciation of $11.8 billion and realizations of $8.6 billion.

o

Inflows were driven by $19.4 billion from direct lending, $7.4 billion from CLOs, $5.6 billion from asset-based finance and $4.0 billion from liquid credit strategies.

o

Outflows were driven by $11.3 billion from liquid credit strategies, $3.5 billion from direct lending, $3.2 billion from MLP strategies, and $3.0 billion from BIS.

o

Market depreciation was driven by depreciation of $8.3 billion from liquid credit strategies and $3.1 billion from private placement credit, which included $1.7 billion of foreign exchange depreciation across the segment.

o

Realizations were driven by $3.1 billion from direct lending and $2.1 billion from CLOs.

•

In our Hedge Fund Solutions segment, a decrease of $2.9 billion from $74.0 billion at December 31, 2021 to $71.2 billion at December 31, 2022. The net decrease was due to outflows of $11.7 billion and realizations of $2.0 billion, offset by inflows of $10.2 billion and market appreciation of $650.9 million.

o

Outflows were driven by $5.0 billion from customized solutions, $3.6 billion from liquid and specialized solutions and $3.1 billion from commingled products.

o

Realizations were driven by $1.9 billion from liquid and specialized solutions.

o

Inflows were driven by $7.9 billion from liquid and specialized solutions and $1.9 billion from customized solutions.

o

Market appreciation was driven by $1.2 billion from customized solutions, partially offset by decreases of $308.3 million from liquid and specialized solutions and $223.1 million from commingled products.

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•

In our Real Estate segment, an increase of $46.7 billion from $279.5 billion at December 31, 2021 to $326.1 billion at December 31, 2022. The net increase was due to inflows of $90.2 billion and market appreciation of $7.1 billion, offset by realizations of $37.1 billion and outflows of $13.6 billion.

o

Inflows were driven by $34.0 billion from BREP, primarily from BREP X and BREP Asia III, $27.7 billion from BREIT, $14.5 billion from BREDS, primarily due to allocations of insurance capital and BREDS V, and $12.9 billion from BPP and co-investment.

o

Market appreciation was driven by $9.7 billion from Core+ real estate and $3.5 billion from BREP and co-investment, partially offset by a decrease of $4.8 billion in BREDS insurance vehicles, all of which included $6.6 billion of foreign exchange depreciation across the segment.

o

Realizations were driven by $22.3 billion from BREP and co-investment, $7.7 billion from BREIT, $3.7 billion from BPP and co-investment and $3.3 billion from BREDS.

o

Outflows were driven by $10.6 billion from BREIT and $2.1 billion from BPP and co-investment.

•

In our Private Equity segment, an increase of $27.4 billion from $261.5 billion at December 31, 2021 to $288.9 billion at December 31, 2022. The net increase was due to inflows of $52.7 billion and market appreciation of $2.9 billion, offset by realizations of $24.2 billion and outflows of $4.0 billion.

o

Inflows were driven by $19.7 billion from corporate private equity, $14.2 billion from Strategic Partners, $9.7 billion from BIP, $4.2 billion from Tactical Opportunities and $3.9 billion from BXG.

o

Market appreciation was driven by $3.4 billion from BIP and $2.6 billion from Strategic Partners, partially offset by depreciation of $2.2 billion from corporate private equity.

o

Realizations were driven by $10.5 billion from corporate private equity, $7.4 billion from Strategic Partners and $5.1 billion from Tactical Opportunities.

o

Outflows were driven by $1.6 billion from Strategic Partners, $838.6 million from Tactical Opportunities and $796.0 million from corporate private equity.

•

In our Credit & Insurance segment, an increase of $21.3 billion from $258.6 billion at December 31, 2021 to $279.9 billion at December 31, 2022. The net increase was due to inflows of $72.0 billion, offset by outflows of $23.0 billion, realizations of $18.4 billion and market depreciation of $9.4 billion.

o

Inflows were driven by $43.7 billion from direct lending, $7.5 billion from CLOs, $6.1 billion from our energy strategies, $5.7 billion from asset-based finance and $5.4 billion from liquid credit strategies.

o

Outflows were driven by $11.6 billion from liquid credit strategies, $3.8 billion from direct lending, $3.5 billion from MLP strategies and $3.0 billion from BIS.

o

Realizations were driven by $10.5 billion from direct lending and $2.1 billion from CLOs.

o

Market depreciation was driven by depreciation of $8.4 billion from liquid credit strategies and $3.1 billion from private placement credit, all of which included $2.1 billion of foreign exchange depreciation across the segment.

•

In our Hedge Fund Solutions segment, a decrease of $1.6 billion from $81.3 billion at December 31, 2021 to $79.7 billion at December 31, 2022. The net decrease was due to outflows of $11.5 billion and realizations of $2.1 billion, offset by inflows of $11.1 billion and market appreciation of $904.9 million.

o

Outflows were driven by $5.0 billion from customized solutions, $3.3 billion from liquid and specialized solutions and $3.2 billion from commingled products.

o

Realizations were driven by $2.1 billion from liquid and specialized solutions.

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---

•

In our Real Estate segment, net Total Assets Under Management growth in BREIT, BPP and insurance capital managed in the Real Estate segment resulted in increases of $14.4 billion, $12.2 billion and $5.6 billion, respectively.

•

In our Credit & Insurance segment, net Total Assets Under Management growth in direct lending resulted in an increase of $23.7 billion, partially offset by a decrease of $9.6 billion related to BIS, which includes $5.6 billion of allocations to other segments.

---

•

In our Private Equity segment, net Total Assets Under Management growth in BIP resulted in an increase of $12.1 billion.

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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				Value				MOIC				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				—				19,634				n/a				—				4,641,310				1.7x				4,660,944				1.7x				12	%			12	%
BREP V (Dec 2005 / Feb 2007)			5,539,418				—				5,293				n/a				—				13,461,688				2.3x				13,466,981				2.3x				11	%			11	%
BREP VI (Feb 2007 / Aug 2011)			11,060,444				550,403				224,331				1.5x				72	%			27,524,614				2.5x				27,748,945				2.5x				13	%			13	%
BREP VII (Aug 2011 / Apr 2015)			13,501,492				1,505,995				3,069,372				0.8x				5	%			28,074,443				2.4x				31,143,815				2.0x				22	%			15	%
BREP VIII (Apr 2015 / Jun 2019)			16,595,144				2,239,288				14,189,012				1.6x				—				21,483,515				2.5x				35,672,527				2.0x				28	%			17	%
BREP IX (Jun 2019 / Aug 2022)			21,660,845				4,239,559				26,392,964				1.5x				1	%			7,753,249				2.2x				34,146,213				1.7x				66	%			30	%
*BREP X (Aug 2022 / Feb 2028)			28,554,296				27,899,414				673,932				1.0x				70	%			—				n/a				673,932				1.0x				n/	a			n/	m
Total Global BREP		$	102,352,802			$	36,434,659			$	44,574,538				1.4x				2	%		$	110,473,737				2.4x			$	155,048,275				2.0x				18	%			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)			3,205,318				425,749				247,709				0.5x				—				5,821,023				2.4x				6,068,732				2.0x				19	%			14	%
BREP Europe IV (Sep 2013 / Dec 2016)			6,673,049				1,403,382				1,479,392				1.1x				—				9,795,271				2.0x				11,274,663				1.8x				20	%			13	%
BREP Europe V (Dec 2016 / Oct 2019)			7,965,078				1,367,229				5,148,615				1.0x				—				6,640,848				4.0x				11,789,463				1.7x				42	%			12	%
*BREP Europe VI (Oct 2019 / Apr 2025)			9,938,743				5,969,382				4,783,791				1.2x				—				3,395,906				2.6x				8,179,697				1.5x				72	%			21	%
Total BREP Europe		€	30,236,108			€	9,165,742			€	11,659,507				1.1x				—			€	29,609,250				2.4x			€	41,268,757				1.8x				17	%			12	%

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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				Value				MOIC				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Real Estate (continued)
BREP Asia I (Jun 2013 / Dec 2017)		$	4,263,411			$	896,064			$	2,124,032				1.4x				7	%		$	6,449,727				2.1x			$	8,573,759				1.9x				20	%			12	%
BREP Asia II (Dec 2017 / Mar 2022)			7,371,119				1,602,346				7,174,021				1.3x				—				1,120,645				1.8x				8,294,666				1.4x				37	%			9	%
*BREP Asia III (Mar 2022 / Sep 2027)			8,165,533				7,146,646				969,097				1.0x				—				—				n/a				969,097				1.0x				n/	a			n/	m
BREP Co-Investment (f)			7,298,715				38,573				1,027,423				2.2x				1	%			15,088,199				2.2x				16,115,622				2.2x				16	%			16	%
Total BREP		$	165,460,344			$	55,930,215			$	69,213,230				1.3x				2	%		$	169,347,054				2.4x			$	238,560,284				1.9x				17	%			15	%
*BREDS High-Yield (Various) (g)			21,390,058				6,237,466				5,495,823				1.0x				—				16,988,834				1.3x				22,484,657				1.2x				10	%			9	%
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				15,506				n/a				—				2,951,163				1.4x				2,966,669				1.4x				6	%			6	%
BCP IV (Nov 2002 / Dec 2005)			6,773,182				152,804				27,262				n/a				—				21,599,783				2.8x				21,627,045				2.8x				36	%			36	%
BCP V (Dec 2005 / Jan 2011)			21,009,112				1,035,259				147,317				10.0x				94	%			38,427,169				1.9x				38,574,486				1.9x				8	%			8	%
BCP VI (Jan 2011 / May 2016)			15,195,536				1,371,319				6,884,406				1.9x				39	%			25,313,360				2.2x				32,197,766				2.2x				16	%			13	%
BCP VII (May 2016 / Feb 2020)			18,863,710				1,700,509				20,808,070				1.6x				29	%			11,591,230				2.5x				32,399,300				1.8x				35	%			14	%
*BCP VIII (Feb 2020 / Feb 2026)			25,448,173				14,407,242				14,852,797				1.3x				7	%			963,311				2.6x				15,816,108				1.4x				n/	m			16	%
BCP IX (TBD)			15,186,750				15,186,749				—				n/a				—				—				n/a				—				n/a				n/	a			n/	a
Energy I (Aug 2011 / Feb 2015)			2,441,558				174,492				676,282				1.8x				51	%			4,033,227				2.0x				4,709,509				2.0x				14	%			12	%
Energy II (Feb 2015 / Feb 2020)			4,938,823				1,036,068				4,829,351				1.7x				55	%			2,421,010				1.4x				7,250,361				1.6x				6	%			8	%
*Energy III (Feb 2020 / Feb 2026)			4,348,681				2,306,823				3,440,633				1.7x				31	%			900,586				2.3x				4,341,219				1.8x				66	%			45	%
BCP Asia I (Dec 2017 / Sep 2021)			2,452,208				705,009				2,959,002				1.8x				43	%			1,404,049				4.8x				4,363,051				2.3x				102	%			32	%
*BCP Asia II (Sep 2021 / Sep 2027)			6,554,504				6,028,901				490,646				1.1x				—				—				n/a				490,646				1.1x				n/	a			n/	m
Core Private Equity I (Jan 2017 / Mar 2021) (h)			4,764,585				1,158,509				7,473,755				2.0x				—				2,264,712				4.1x				9,738,467				2.2x				55	%			21	%
*Core Private Equity II (Mar 2021 / Mar 2026) (h)			8,190,362				5,733,109				2,712,287				1.1x				—				9,592				n/a				2,721,879				1.1x				n/	a			8	%
Total Corporate Private Equity		$	144,492,117			$	51,021,368			$	65,317,314				1.6x				23	%		$	126,062,437				2.2x			$	191,379,751				1.9x				16	%			15	%

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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				Value				MOIC				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Private Equity (continued)
Tactical Opportunities
*Tactical Opportunities (Various)		$	22,505,129			$	7,091,481			$	11,849,998				1.2x				8	%		$	20,931,450				1.9x			$	32,781,448				1.6x				17	%			11	%
*Tactical Opportunities Co-Investment and Other (Various)			16,292,816				7,257,964				5,219,779				1.7x				6	%			8,238,659				1.6x				13,458,438				1.6x				18	%			18	%
Total Tactical Opportunities		$	38,797,945			$	14,349,445			$	17,069,777				1.3x				8	%		$	29,170,109				1.8x			$	46,239,886				1.6x				18	%			13	%
Growth
*BXG I (Jul 2020 / Jul 2025)		$	5,046,626			$	1,221,647			$	3,656,100				1.0x				4	%		$	386,207				3.2x			$	4,042,307				1.1x				n/	m			—
BXG II (TBD)			3,516,615				3,516,615				—				n/a				—				—				n/a				—				n/a				n/	a			n/	a
Total Growth		$	8,563,241			$	4,738,262			$	3,656,100				1.0x				4	%		$	386,207				3.2x			$	4,042,307				1.1x				n/	m			—
Strategic Partners (Secondaries)
Strategic Partners I-V (Various) (i)			11,447,898				644,174				385,776				n/a				—				16,940,272				n/a				17,326,048				1.7x				n/	a			13	%
Strategic Partners VI (Apr 2014 / Apr 2016) (i)			4,362,750				883,605				1,018,226				n/a				—				4,045,375				n/a				5,063,601				1.7x				n/	a			14	%
Strategic Partners VII (May 2016 / Mar 2019) (i)			7,489,970				1,701,454				4,452,664				n/a				—				6,005,682				n/a				10,458,346				2.0x				n/	a			19	%
Strategic Partners Real Assets II (May 2017 / Jun 2020) (i)			1,749,807				500,246				1,063,951				n/a				—				1,040,172				n/a				2,104,123				1.5x				n/	a			15	%
Strategic Partners VIII (Mar 2019 / Oct 2021) (i)			10,763,600				4,834,321				8,409,932				n/a				—				5,568,354				n/a				13,978,286				1.8x				n/	a			38	%
*Strategic Partners Real Estate, SMA and Other (Various) (i)			8,989,890				3,162,325				3,200,753				n/a				—				3,420,427				n/a				6,621,180				1.7x				n/	a			20	%
*Strategic Partners Infra III (Jun 2020 / Jul 2024) (i)			3,250,100				1,659,121				1,205,224				n/a				—				124,956				n/a				1,330,180				1.5x				n/	a			50	%
*Strategic Partners IX (Oct 2021 / Jan 2027) (i)			19,084,345				13,885,975				3,082,382				n/a				—				402,916				n/a				3,485,298				1.3x				n/	a			n/	m
Total Strategic Partners (Secondaries)		$	67,138,360			$	27,271,221			$	22,818,908				n/a				—			$	37,548,154				n/a			$	60,367,062				1.7x				n/	a			15	%
Life Sciences
Clarus IV (Jan 2018 / Jan 2020)			910,000				137,342				881,088				1.6x				1	%			258,348				2.0x				1,139,436				1.6x				24	%			13	%
*BXLS V (Jan 2020 / Jan 2025)			4,844,726				3,505,230				1,453,017				1.3x				3	%			90,123				1.1x				1,543,140				1.3x				n/	m			3	%

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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				Value				MOIC				Realized				Total
		(Dollars/Euros in Thousands, Except Where Noted)
Credit
Mezzanine / Opportunistic I (Jul 2007 / Oct 2011)		$	2,000,000			$	97,114			$	—				n/a				—			$	4,809,088				1.6x			$	4,809,088				1.6x				n/a				17	%
Mezzanine / Opportunistic II (Nov 2011 / Nov 2016)			4,120,000				997,504				177,195				0.2x				—				6,609,860				1.5x				6,787,055				1.4x				n/a				10	%
Mezzanine / Opportunistic III (Sep 2016 / Jan 2021)			6,639,133				855,229				3,953,100				1.1x				—				5,627,867				1.6x				9,580,967				1.3x				n/a				10	%
*Mezzanine / Opportunistic IV (Jan 2021 / Jan 2026)			5,016,771				3,704,951				2,161,842				1.0x				—				96,886				n/m				2,258,728				1.1x				n/a				10	%
Stressed / Distressed I (Sep 2009 / May 2013)			3,253,143				—				—				n/a				—				5,777,098				1.3x				5,777,098				1.3x				n/a				9	%
Stressed / Distressed II (Jun 2013 / Jun 2018)			5,125,000				547,430				357,563				0.5x				—				5,246,727				1.2x				5,604,290				1.1x				n/a				1	%
*Stressed / Distressed III (Dec 2017 / Dec 2022)			7,356,380				2,644,832				3,371,955				0.9x				—				2,861,521				1.4x				6,233,476				1.1x				n/a				7	%
Energy I (Nov 2015 / Nov 2018)			2,856,867				1,045,875				857,255				1.0x				—				2,602,176				1.7x				3,459,431				1.5x				n/a				10	%
*Energy II (Feb 2019 / Feb 2024)			3,616,081				1,788,336				2,017,746				1.1x				—				1,159,053				1.6x				3,176,799				1.2x				n/a				22	%
European Senior Debt I (Feb 2015 / Feb 2019)		€	1,964,689			€	325,719			€	903,416				0.8x				—			€	2,283,901				1.4x			€	3,187,317				1.2x				n/a				2	%
*European Senior Debt II (Jun 2019 / Jun 2024)		€	4,088,344			€	1,077,989			€	4,241,783				1.0x				—			€	1,488,677				1.7x			€	5,730,460				1.1x				n/a				11	%
Total Credit Drawdown Funds (j)		$	46,889,033			$	13,179,395			$	18,387,870				0.9x				—			$	39,204,893				1.5x			$	57,592,763				1.2x				n/a				10	%

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Strategy (Inception Year) (a)		Investment Strategy				Total Assets Under Management				Total Net Return (l)
		(Dollars in Thousands, Except Where Noted)
Real Estate
BPP—Blackstone Property Partners Platform (2013) (m)			Core+ Real Estate			$	72,969,326				11	%
BREIT—Blackstone Real Estate Income Trust (2017) (n)			Core+ Real Estate				68,523,348				12	%
BXMT—Blackstone Mortgage Trust (2013) (o)			Real Estate Debt				6,551,022				6	%
Private Equity
BIP—Blackstone Infrastructure Partners (2019) (p)			Infrastructure				28,122,520				19	%
Credit
BXSL—Blackstone Secured Lending Fund (2018) (q)			U.S. Direct Lending				11,077,225				10	%
BCRED—Blackstone Private Credit Fund (2021) (r)			U.S. Direct Lending				58,534,176				8	%
Hedge Fund Solutions
BSCH—Blackstone Strategic Capital Holdings (2014) (s)			GP Stakes				10,090,273				13	%

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.

(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, 2022 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)	BREDS High-Yield represents the flagship real estate debt drawdown funds only.

(h)	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.

(i)

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.

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

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(k)	Perpetual Capital vehicles excluded primarily consist of (1) investment vehicles that have been investing for less than one year, (2) assets managed for certain insurance clients, and (3) investment vehicles where Blackstone does not earn fees.

(l)

Unless otherwise indicated, Total Net Return represents the annualized inception to December 31, 2022 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 investor cash flows. Initial inception date of cash flows occurred during the Inception Year.

(m)

BPP represents the aggregate Total Assets Under Management and Total Net Return of the BPP platform, which comprises over 30 funds, co-investment and separately managed account vehicles. It includes certain vehicles managed as part of the BPP Platform but not classified as Perpetual Capital. As of December 31, 2022, these vehicles represented $2.9 billion of Total Assets Under Management.

(n)

The BREIT Total 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. Total Net Returns are presented on an annualized basis and are from January 1, 2017.

(o)

The BXMT return reflects annualized market return of a shareholder invested in BXMT since inception through December 31, 2022, assuming reinvestment of all dividends received during the period. Return incorporates the closing NYSE stock price as of December 31, 2022. Total Net Return is from May 22, 2013.

(p)	Including co-investment vehicles, BIP Total Assets Under Management is $35.2 billion.

(q)

The BXSL Total Assets Under Management and Total Net Return are reported on a one-quarter lag. Refer to BXSL public filings for current quarter results. BXSL Total Net Return reflects the change in Net Asset Value (“NAV”) per share, plus distributions per share (assuming dividends and distributions are reinvested in accordance with BXSL's dividend reinvestment plan) divided by the beginning NAV per share. Total Net Returns are presented on an annualized basis and are from November 20, 2018.

(r)

The BCRED Total 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 expenses incurred by BCRED. These returns are not representative of the returns experienced by any particular investor or share class. Total Net Returns are presented on an annualized basis and are from January 7, 2021. Total Assets Under Management reflects gross asset value plus amounts borrowed or available to be borrowed under certain credit facilities. BCRED net asset value as of December 31, 2022 was $22.7 billion.

(s)

BSCH represents the aggregate Total Assets Under Management and Total Net Return of BSCH I and BSCH II funds that invest as part of the GP Stakes strategy, which targets minority investment in the general partners of private equity and other private-market alternative asset management firms globally. Including co-investment vehicles that do not pay fees, BSCH Total Assets Under Management is $10.9 billion.

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		Year Ended December 31,												2022 vs. 2021								2021 vs. 2020
		2022				2021				2020				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	2,462,179			$	1,895,412			$	1,553,483			$	566,767				30	%		$	341,929				22	%
Transaction and Other Fees, Net			171,424				160,395				98,225				11,029				7	%			62,170				63	%
Management Fee Offsets			(10,538	)			(3,499	)			(13,020	)			(7,039	)			201	%			9,521				-73	%
Total Management Fees, Net			2,623,065				2,052,308				1,638,688				570,757				28	%			413,620				25	%
Fee Related Performance Revenues			1,075,424				1,695,019				338,161				(619,595	)			-37	%			1,356,858				401	%
Fee Related Compensation			(1,039,125	)			(1,161,349	)			(618,105	)			122,224				-11	%			(543,244	)			88	%
Other Operating Expenses			(315,331	)			(234,505	)			(183,132	)			(80,826	)			34	%			(51,373	)			28	%
Fee Related Earnings			2,344,033				2,351,473				1,175,612				(7,440	)			—				1,175,861				100	%
Realized Performance Revenues			2,985,713				1,119,612				787,768				1,866,101				167	%			331,844				42	%
Realized Performance Compensation			(1,168,045	)			(443,220	)			(312,698	)			(724,825	)			164	%			(130,522	)			42	%
Realized Principal Investment Income			150,790				196,869				24,764				(46,079	)			-23	%			172,105				695	%
Net Realizations			1,968,458				873,261				499,834				1,095,197				125	%			373,427				75	%
Segment Distributable Earnings		$	4,312,491			$	3,224,734			$	1,675,446			$	1,087,757				34	%		$	1,549,288				92	%

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		Year Ended December 31,																								December 31, 2022 Inception to Date
		2022								2021								2020								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BREP VII			4%				2%				44%				36%				-22%				-20%				30%				22%				21%				15%
BREP VIII			8%				6%				57%				46%				10%				7%				36%				28%				23%				17%
BREP IX			18%				13%				84%				63%				35%				21%				96%				66%				42%				30%
BREP Europe IV (b)			-14%				-13%				2%				—				-17%				-15%				28%				20%				19%				13%
BREP Europe V (b)			-1%				-2%				37%				29%				1%				—				52%				42%				17%				12%
BREP Europe VI (b)			10%				6%				71%				51%				14%				—				99%				72%				33%				21%
BREP Asia I			-1%				-2%				37%				29%				-5%				-5%				27%				20%				19%				12%
BREP Asia II			2%				1%				31%				21%				8%				4%				53%				37%				14%				9%
BREP Co-Investment (c)			26%				25%				77%				70%				33%				32%				18%				16%				18%				16%
BPP (d)			11%				9%				20%				17%				7%				6%				n/a				n/a				13%				11%
BREIT (e)			n/a				8%				n/a				30%				n/a				7%				n/a				n/a				n/a				12%
BREDS High-Yield (f)			3%				—				18%				13%				5%				1%				15%				10%				14%				9%
BXMT (g)			n/a				-24%				n/a				20%				n/a				-18%				n/a				n/a				n/a				6%

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.

(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.

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(d)	The BPP platform, which comprises over 30 funds, co-investment and separately managed account vehicles, 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,												2022 vs. 2021								2021 vs. 2020
		2022				2021				2020				$				%				$				%
		(Dollars in Thousands)
Management and Advisory Fees, Net
Base Management Fees		$	1,786,923			$	1,521,273			$	1,232,028			$	265,650				17%			$	289,245				23%
Transaction, Advisory and Other Fees, Net			97,876				174,905				82,440				(77,029	)			-44%				92,465				112%
Management Fee Offsets			(56,062	)			(33,247	)			(44,628	)			(22,815	)			69%				11,381				-26%
Total Management and Advisory Fees, Net			1,828,737				1,662,931				1,269,840				165,806				10%				393,091				31%
Fee Related Performance Revenues			(648	)			212,128				—				(212,776	)			n/m				212,128				n/m
Fee Related Compensation			(575,194	)			(662,824	)			(455,538	)			87,630				-13%				(207,286	)			46%
Other Operating Expenses			(304,177	)			(264,468	)			(195,213	)			(39,709	)			15%				(69,255	)			35%
Fee Related Earnings			948,718				947,767				619,089				951				—				328,678				53%
Realized Performance Revenues			1,191,028				2,263,099				877,493				(1,072,071	)			-47%				1,385,606				158%
Realized Performance Compensation			(544,229	)			(943,199	)			(366,949	)			398,970				-42%				(576,250	)			157%
Realized Principal Investment Income			139,767				263,368				72,089				(123,601	)			-47%				191,279				265%
Net Realizations			786,566				1,583,268				582,633				(796,702	)			-50%				1,000,635				172%
Segment Distributable Earnings		$	1,735,284			$	2,531,035			$	1,201,722			$	(795,751	)			-31%			$	1,329,313				111%

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		Year Ended December 31,																								December 31, 2022 Inception to Date
		2022								2021								2020								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BCP V			48%				24%				223%				103%				14%				5%				10%				8%				10%				8%
BCP VI			12%				11%				19%				16%				18%				16%				20%				16%				17%				13%
BCP VII			-12%				-11%				44%				36%				11%				9%				43%				35%				20%				14%
BCP VIII			4%				—				n/a				n/a				n/a				n/a				n/m				n/m				31%				16%
BEP I			57%				46%				78%				59%				-19%				-18%				18%				14%				15%				12%
BEP II			36%				33%				56%				53%				-31%				-31%				9%				6%				12%				8%
BEP III			42%				31%				86%				56%				n/m				n/m				97%				66%				70%				45%
BCP Asia I			-38%				-35%				193%				158%				56%				42%				137%				102%				46%				32%
BCEP I (b)			—				—				55%				50%				33%				29%				61%				55%				24%				21%
BCEP II (b)			14%				9%				n/a				n/a				n/a				n/a				n/a				n/a				14%				8%
Tactical Opportunities			-2%				-4%				37%				28%				19%				15%				21%				17%				15%				11%
Tactical Opportunities Co-Investment and Other			—				4%				67%				57%				14%				11%				19%				18%				20%				18%
BXG I			-13%				-13%				50%				29%				n/m				n/m				n/m				n/m				6%				—
Strategic Partners VI (c)			-6%				-7%				51%				47%				-9%				-9%				n/a				n/a				19%				14%
Strategic Partners VII (c)			-3%				-5%				75%				66%				-7%				-8%				n/a				n/a				24%				19%
Strategic Partners Real Assets II (c)			15%				13%				26%				23%				10%				6%				n/a				n/a				19%				15%
Strategic Partners VIII (c)			3%				2%				132%				113%				6%				2%				n/a				n/a				47%				38%
Strategic Partners Real Estate, SMA and Other (c)			20%				15%				41%				40%				2%				2%				n/a				n/a				21%				20%
Infra III (c)			51%				37%				81%				54%				n/m				n/m				n/a				n/a				79%				50%
BIP			26%				20%				41%				33%				6%				1%				n/a				n/a				25%				19%
Clarus IV			4%				2%				34%				26%				3%				—				30%				24%				21%				13%
BXLS V			10%				2%				13%				-4%				n/m				n/m				n/m				n/m				17%				3%

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.

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		Year Ended December 31,												2022 vs. 2021								2021 vs. 2020
		2022				2021				2020				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	1,230,710			$	765,905			$	603,713			$	464,805				61%			$	162,192				27%
Transaction and Other Fees, Net			34,624				44,868				21,311				(10,244	)			-23%				23,557				111%
Management Fee Offsets			(5,432	)			(6,653	)			(10,466	)			1,221				-18%				3,813				-36%
Total Management Fees, Net			1,259,902				804,120				614,558				455,782				57%				189,562				31%
Fee Related Performance Revenues			374,721				118,097				40,515				256,624				217%				77,582				191%
Fee Related Compensation			(529,784	)			(367,322	)			(261,214	)			(162,462	)			44%				(106,108	)			41%
Other Operating Expenses			(264,181	)			(199,912	)			(165,114	)			(64,269	)			32%				(34,798	)			21%
Fee Related Earnings			840,658				354,983				228,745				485,675				137%				126,238				55%
Realized Performance Revenues			147,413				209,421				20,943				(62,008	)			-30%				188,478				900%
Realized Performance Compensation			(63,846	)			(94,450	)			(3,476	)			30,604				-32%				(90,974	)			n/m
Realized Principal Investment Income			80,993				70,796				7,970				10,197				14%				62,826				788%
Net Realizations			164,560				185,767				25,437				(21,207	)			-11%				160,330				630%
Segment Distributable Earnings		$	1,005,218			$	540,750			$	254,182			$	464,468				86%			$	286,568				113%

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		Year Ended December 31,																								Inception to December 31, 2022
		2022								2021								2020								Total
Composite (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net
Private Credit (b)			7	%			4	%			22	%			16	%			1	%			-1	%			11	%			7	%
Liquid Credit (b)			-3	%			-3	%			5	%			5	%			4	%			4	%			5	%			4	%

(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 finance 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,
		2022				2021				2020				2022				2021				2020
		(Dollars in Thousands)
Credit & Insurance (b)		$	87,175,669			$	66,350,185			$	28,944,333				93	%			94	%			58	%

(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, 2022, the incremental appreciation needed for the 7% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles to reach their respective High Water Marks/Hurdles was $2.0 billion, an increase of $225.5 million, compared to $1.8 billion at December 31, 2021. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles as of December 31, 2022, 47% were within 5% of reaching their respective High Water Mark.

		Year Ended December 31,												2022 vs. 2021								2021 vs. 2020
		2022				2021				2020				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	565,226			$	636,685			$	582,830			$	(71,459	)			-11%			$	53,855				9%
Transaction and Other Fees, Net			6,193				11,770				5,899				(5,577	)			-47%				5,871				100%
Management Fee Offsets			(177	)			(572	)			(650	)			395				-69%				78				-12%
Total Management Fees, Net			571,242				647,883				588,079				(76,641	)			-12%				59,804				10%
Fee Related Compensation			(186,672	)			(156,515	)			(161,713	)			(30,157	)			19%				5,198				-3%
Other Operating Expenses			(105,334	)			(94,792	)			(79,758	)			(10,542	)			11%				(15,034	)			19%
Fee Related Earnings			279,236				396,576				346,608				(117,340	)			-30%				49,968				14%
Realized Performance Revenues			137,184				290,980				179,789				(153,796	)			-53%				111,191				62%
Realized Performance Compensation			(37,977	)			(76,701	)			(31,224	)			38,724				-50%				(45,477	)			146%
Realized Principal Investment Income			24,706				56,733				54,110				(32,027	)			-56%				2,623				5%
Net Realizations			123,913				271,012				202,675				(147,099	)			-54%				68,337				34%
Segment Distributable Earnings		$	403,149			$	667,588			$	549,283			$	(264,439	)			-40%			$	118,305				22%

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		Average Annual Returns (a)
		Periods Ended December 31, 2022
		One Year								Three Year								Five Year								Historical
Composite		Gross				Net				Gross				Net				Gross				Net				Gross				Net
BAAM Principal Solutions Composite (b)			5	%			4	%			6	%			5	%			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.

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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 is no longer 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,
		2022				2021				2020
		(Dollars in Thousands)
GAAP Unrealized Performance Allocations		$	(3,435,056	)		$	8,675,246			$	(384,393	)
Segment Adjustment			(1,922	)			—				(365	)
Unrealized Performance Revenues		$	(3,436,978	)		$	8,675,246			$	(384,758	)

(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,
		2022				2021				2020
		(Dollars in Thousands)
GAAP Unrealized Principal Investment Income (Loss)		$	(1,563,849	)		$	1,456,201			$	(114,607	)
Segment Adjustment			328,320				(776,434	)			12,865
Unrealized Principal Investment Income (Loss)		$	(1,235,529	)		$	679,767			$	(101,742	)

(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,
		2022				2021				2020
		(Dollars in Thousands)
GAAP Other Revenue		$	184,557			$	203,086			$	(253,142	)
Segment Adjustment			(803	)			(201	)			(551	)
Other Revenues		$	183,754			$	202,885			$	(253,693	)

(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,
		2022				2021				2020
		(Dollars in Thousands)
Taxes		$	693,443			$	703,075			$	260,569
Related Payables			98,425				56,607				43,558
Taxes and Related Payables		$	791,868			$	759,682			$	304,127

(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,
		2022				2021				2020
		(Dollars in Thousands)
GAAP Interest and Dividend Revenue		$	271,612			$	160,643			$	125,231
Segment Adjustment			13,463				2,401				4,881
Interest and Dividend Revenue			285,075				163,044				130,112
GAAP Interest Expense			317,225				198,268				166,162
Segment Adjustment			(656	)			(1,636	)			(1,140	)
Interest Expense			316,569				196,632				165,022
Net Interest and Dividend Loss		$	(31,494	)		$	(33,588	)		$	(34,910	)

(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,
		2022				2021
		(Dollars in Thousands)
Investments of Consolidated Blackstone Funds		$	5,136,966			$	2,018,829
Equity Method Investments
Partnership Investments			5,530,419				5,635,212
Accrued Performance Allocations			12,360,684				17,096,873
Corporate Treasury Investments			1,053,540				658,066
Other Investments			3,471,642				3,256,063
Total GAAP Investments		$	27,553,251			$	28,665,043
Accrued Performance Allocations - GAAP		$	12,360,684			$	17,096,873
Impact of Consolidation (a)			—				1
Due from Affiliates - GAAP (b)			269,987				260,993
Less: Net Realized Performance Revenues (c)			(282,730	)			(1,294,884	)
Less: Accrued Performance Compensation - GAAP (d)			(5,512,796	)			(7,324,906	)
Net Accrued Performance Revenues		$	6,835,145			$	8,738,077

(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 VI		$	750,000			$	36,809			$	150,000			$	12,270
BREP VII			300,000				33,240				100,000				11,080
BREP VIII			300,000				41,957				100,000				13,986
BREP IX			300,000				58,292				100,000				19,431
BREP X			300,000				293,435				100,000				97,810
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				26,592				43,333				7,682
BREP Europe VI			130,000				78,197				43,333				26,066
BREP Asia I			50,000				9,925				16,667				3,308
BREP Asia II			70,707				15,711				23,569				5,237
BREP Asia III			80,573				69,888				26,858				23,296
BREDS III			50,000				13,499				16,667				4,500
BREDS IV			50,000				20,819				—				—
BREDS V			50,000				50,000				—				—
BPP			314,909				39,130				—				—
Other (b)			24,087				6,190				—				—
Total Real Estate			3,150,276				829,747				798,760				236,687

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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				36,635				225,000				16,486
BCP VIII			500,000				280,667				225,000				126,300
BCP IX			500,000				500,000				225,000				225,000
BEP I			50,000				4,728				—				—
BEP II			80,000				14,633				26,667				4,878
BEP III			80,000				42,124				26,667				14,041
BEP IV			26,087				26,087				8,696				8,696
BCEP I			117,747				27,016				18,992				4,358
BCEP II			160,000				112,284				32,640				22,906
BCP Asia I			40,000				10,428				13,333				3,476
BCP Asia II			100,000				92,615				33,333				30,872
Tactical Opportunities			460,508				216,002				153,503				72,001
Strategic Partners			1,227,927				786,732				166,907				99,263
BIP			302,019				84,708				—				—
BXLS			142,057				98,450				37,353				30,428
BXG			150,838				92,524				50,110				30,827
Other (b)			290,209				28,126				—				—
Total Private Equity			6,076,466				2,567,230				1,493,201				718,303
Credit & Insurance
Mezzanine / Opportunistic II			120,000				29,197				110,101				26,788
Mezzanine / Opportunistic III			130,783				38,766				31,776				9,419
Mezzanine / Opportunistic IV			122,000				85,882				33,757				23,764
European Senior Debt I			63,000				16,508				56,882				14,905
European Senior Debt II			92,419				38,359				25,420				10,558
European Senior Debt III			50,000				50,000				16,667				16,667
Stressed / Distressed II			125,000				51,695				119,878				49,576
Stressed / Distressed III			151,000				95,028				32,678				20,565
Energy I			80,000				37,630				75,445				35,487
Energy II			150,000				111,544				26,614				19,791
Energy III			75,918				75,918				25,306				25,306
Credit Alpha Fund			52,102				19,752				50,670				19,209
Credit Alpha Fund II			25,500				12,550				6,289				3,095
Other (b)			148,784				61,627				20,407				4,396
Total Credit & Insurance			1,386,506				724,456				631,890				279,526

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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)
Hedge Fund Solutions
Strategic Alliance I		$	50,000			$	2,033			$	—			$	—
Strategic Alliance II			50,000				1,482				—				—
Strategic Alliance III			22,000				15,458				—				—
Strategic Alliance IV			15,000				15,000				—				—
Strategic Holdings I			154,610				27,429				—				—
Strategic Holdings II			50,000				27,125				—				—
Horizon			100,000				27,765				—				—
Dislocation			10,000				8,176				—				—
Other (b)			17,935				8,528				—				—
Total Hedge Fund Solutions			469,545				132,996				—				—
Other
Treasury (c)			1,016,299				762,158				—				—
		$	12,099,092			$	5,016,587			$	2,923,851			$	1,234,516

(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
5.900%, Due 11/3/2027		$	600,000
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
2.550%, Due 3/30/2032		$	500,000
6.200%, Due 4/22/2033		$	900,000
3.500%, Due 6/1/2034		€	500,000
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
3.200%, Due 1/30/2052		$	1,000,000
		$	11,041,000

(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		2023				2024-2025				2026-2027				Thereafter				Total
		(Dollars in Thousands)
Operating Lease Obligations (a)		$	143,692			$	309,731			$	299,835			$	672,196			$	1,425,454
Purchase Obligations			107,832				153,700				52,599				3,042				317,173
Blackstone Issued Notes and Revolving Credit Facility (b)			400,000				321,150				1,542,300				8,777,550				11,041,000
Interest on Blackstone Issued Notes and Revolving Credit Facility (c)			353,058				690,541				666,235				3,549,518				5,259,352
Blackstone Funds Debt Obligations Payable			—				—				—				1,450,000				1,450,000
Blackstone Funds Capital Commitments to Investee Funds (d)			209,973				—				—				—				209,973
Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e)			64,634				199,671				213,661				1,125,378				1,603,344
Unrecognized Tax Benefits, Including Interest and Penalties (f)			—				—				—				—				—
Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g)			5,016,587				—				—				—				5,016,587
Consolidated Contractual Obligations			6,295,776				1,674,793				2,774,630				15,577,684				26,322,883
Blackstone Funds Debt Obligations Payable			—				—				—				(1,450,000	)			(1,450,000	)
Blackstone Funds Capital Commitments to Investee Funds (d)			(209,973	)			—				—				—				(209,973	)
Blackstone Operating Entities Contractual Obligations		$	6,085,803			$	1,674,793			$	2,774,630			$	14,127,684			$	24,662,910

(a)

We lease our primary office space and certain office equipment under agreements that expire through 2043. 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. As of December 31, 2022, we had no borrowings outstanding under our revolver.

(c)	Represents interest to be paid over the maturity of our senior notes which has been calculated assuming no pre-payments are made and debt is held until its final maturity date. These amounts include commitment fees for unutilized borrowings under our revolver.

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(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)

As of December 31, 2022, there were no Unrecognized Tax Benefits, including Interest and Penalties. 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 $153.6 million and interest of $38.0 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, 2022		$	89.9			$	3.8
Balance, December 31, 2021		$	58.0			$	27.8
Year Ended December 31, 2022
Average Daily Balance		$	185.5			$	24.0
Maximum Daily Balance		$	419.5			$	27.8

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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 1.75% 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 1.00% 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.

•

0.25% to 1.00% of net asset value.

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•

0.20% 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

		Year Ended December 31,
		2022				2021
Fund Management Fees Based on the NAV or GAV of the Applicable Funds or Separately Managed Accounts			49	%			40	%

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		December 31,
		2022												2021
		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		$	319,183			$	2,249,535			$	549,836			$	289,686			$	2,354,033			$	325,681

(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.

		December 31,
		2022												2021
		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		$	38,466			$	850,109			$	79,333			$	36,154			$	862,488			$	115,235

(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.

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		December 31,
		2022								2021
		Annualized Decrease in Investment Income				Annualized Increase in Interest Income from Floating Rate Assets				Annualized Decrease in Investment Income				Annualized Increase in Interest Income from Floating Rate Assets
		(Dollars in Thousands)
One Percentage Point Increase in Interest Rates		$	9,295	(a)		$	28,676			$	10,839	(a)		$	12,944

(a)	As of December 31, 2022 and 2021, this represents 0.2% and 0.6% of our portfolio of liquid assets, respectively.

		December 31,
		2022				2021
		(Dollars in Thousands)
Annualized Increase (Decrease) in Other Revenue Due to a One Percentage Point Increase in Interest Rates		$		(4,373)		$	8,499

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		December 31,
		2022				2021
		(Dollars in Thousands)
Decrease in Annualized Investment Income Due to a One Percentage Point Increase in Credit Spreads (a)		$	12,605			$	21,831

(a)	As of December 31, 2022 and 2021, this represents 0.3% and 1.2% of our portfolio of liquid assets, respectively.

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

recognized would not occur when the uncertainty associated with the variable consideration is resolved. See Note 20. “Segment Reporting” for a disaggregated presentation of revenues from contracts with customers.

Management and Advisory Fees, Net

— Management and Advisory Fees, Net are comprised of management fees, including base management fees, transaction and other fees and advisory fees net of management fee reductions and offsets.

Blackstone earns base management fees from its customers at a fixed percentage of a calculation base which is typically assets under management, net asset value, gross asset value, total assets, committed capital or invested capital. Blackstone identifies its customers on a fund by fund basis in accordance with the terms and circumstances of the individual fund. Generally the customer is identified as the investors in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. These customer contracts require Blackstone to provide investment management services, which represents a performance obligation that Blackstone satisfies over time. Management fees are a form of variable consideration because the fees Blackstone is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically quarterly) and are not subject to clawback once paid.

Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds and portfolio companies. The investment advisory agreements generally require that the investment adviser reduce the amount of management fees payable by the investors to Blackstone (“management fee reductions”) by an amount equal to a portion of the transaction and other fees paid to Blackstone by the portfolio companies. The amount of the reduction varies by fund, the type of fee paid by the portfolio company and the previously incurred expenses of the fund. These fees and associated management fee reductions are a component of the transaction price for Blackstone’s performance obligation to provide investment management services to the investors of funds and are recognized as changes to the transaction price in the period in which they are charged and the services are performed.

Management fee offsets are reductions to management fees payable by the investors of the Blackstone Funds, which are based on the amount such investors reimburse the Blackstone Funds or Blackstone primarily for placement fees. Providing investment management services requires Blackstone to arrange for services on behalf of its customers. In those situations where Blackstone is acting as an agent on behalf of the investors of funds, it presents the cost of services as net against management fee revenue. In all other situations, Blackstone is primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements. As a result, the cost of those services is presented as Compensation or General, Administrative and Other expense, as appropriate, with any reimbursement from the investors of the funds recorded as Management and Advisory Fees, Net. In cases where the investors of the funds are determined to be the customer in an arrangement, placement fees may be capitalized as a cost to acquire a customer contract. Capitalized placement fees are amortized over the life of the customer contract, are recorded within Other Assets in the Consolidated Statements of Financial Condition and amortization is recorded within General, Administrative and Other within the Consolidated Statements of Operations.

Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in Accounts Receivable or Due from Affiliates in the Consolidated Statements of Financial Condition.

Incentive Fees —

Contractual fees earned based on the performance of Blackstone vehicles (“Incentive Fees”) are a form of variable consideration in Blackstone’s contracts with customers to provide investment management services. Incentive Fees are earned based on performance of the vehicle during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in

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Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

each vehicle’s governing agreements. Incentive Fees will not be recognized as revenue until (a) it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur, or (b) the uncertainty associated with the variable consideration is subsequently resolved. Incentive Fees are typically recognized as revenue when realized at the end of the measurement period. Once realized, such fees are not subject to clawback or reversal. Accrued but unpaid Incentive Fees charged directly to investors in Blackstone vehicles as of the reporting date are recorded within Due from Affiliates in the Consolidated Statements of Financial Condition.

Investment Income (Loss)

— Investment Income (Loss) represents the unrealized and realized gains and losses on Blackstone’s Performance Allocations and Principal Investments.

In carry fund structures and certain open-ended structures, Blackstone, through its subsidiaries, invests alongside its limited partners in a partnership and is entitled to its pro-rata share of the results of the fund vehicle (a “pro-rata allocation”). In addition to a pro-rata allocation, and assuming certain investment returns are achieved, Blackstone is entitled to a disproportionate allocation of the income otherwise allocable to the limited partners, commonly referred to as carried interest (“Performance Allocations”).

Performance Allocations in carry fund structures are made to the general partner based on cumulative fund performance to date, subject to a preferred return to limited partners. Performance Allocations in open-ended structures are based on vehicle performance over a period of time, subject to a high water mark and preferred return to investors. At the end of each reporting period, Blackstone calculates the balance of accrued Performance Allocations (“Accrued Performance Allocations”) that would be due to Blackstone for each fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. Accrued Performance Allocations as of the reporting date are reflected in Investments in the Consolidated Statements of Financial Condition.

Performance Allocations in carry fund structures are realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the preferred return or, in limited instances, after certain thresholds for return of capital are met. Performance Allocations in carry fund structures are subject to clawback to the extent that the Performance Allocation received to date exceeds the amount due to Blackstone based on cumulative results. As such, the accrual for potential repayment of previously received Performance Allocations, which is a component of Due to Affiliates, represents all amounts previously distributed to Blackstone Holdings and non-controlling interest holders that would need to be repaid to the Blackstone carry funds if the Blackstone carry funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual clawback liability, however, generally does not become realized until the end of a fund’s life except for certain funds, including certain Blackstone real estate funds, multi-asset class investment funds and credit-focused funds, which may have an interim clawback liability. Performance Allocations in open-ended structures are realized based on the stated time period in the agreements and are generally not subject to clawback once paid.

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Principal Investments include the unrealized and realized gains and losses on Blackstone’s principal investments, including its investments in Blackstone Funds that are not consolidated and receive pro-rata allocations, its equity method investments, and other principal investments. Income (Loss) on Principal Investments is realized when Blackstone redeems all or a portion of its investment or when Blackstone receives cash income, such as dividends or distributions. Unrealized Income (Loss) on Principal Investments results from changes in the fair value of the underlying investment as well as the reversal of unrealized gain (loss) at the time an investment is realized.

Interest and Dividend Revenue

— Interest and Dividend Revenue comprises primarily interest and dividend income earned on principal investments not accounted for under the equity method held by Blackstone.

Other Revenue

— Other Revenue consists of miscellaneous income and foreign exchange gains and losses arising on transactions denominated in currencies other than U.S. dollars.

Fair Value of Financial Instruments

GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

•

Level I — Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments in Level I include listed equities, listed derivatives and mutual funds with quoted prices. Blackstone does not adjust the quoted price for these investments, even in situations where Blackstone holds a large position and a sale could reasonably impact the quoted price.

•

Level II — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Financial instruments which are generally included in this category include corporate bonds and loans, including corporate bonds and loans held within CLO vehicles, government and agency securities, less liquid and restricted equity securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

•

Level III — Pricing inputs are unobservable for the financial instruments and includes situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include general and limited partnership interests in private equity and real estate funds, credit-focused funds, distressed debt and non-investment grade residual interests in securitizations, certain corporate bonds and loans held within CLO vehicles, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Blackstone’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument

.

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Level II Valuation Techniques

Financial instruments classified within Level II of the fair value hierarchy comprise debt instruments, including debt securities sold, not yet purchased and certain equity securities and derivative instruments valued using observable inputs are also classified as Level II.

The valuation techniques used to value financial instruments classified within Level II of the fair value hierarchy are as follows:

•

Debt Instruments and Equity Securities are valued on the basis of prices from an orderly transaction between market participants including those provided by reputable dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices and market transactions in comparable investments and various relationships between investments. The valuation of certain equity securities is based on an observable price for an identical security adjusted for the effect of a restriction.

•

Freestanding Derivatives are valued using contractual cash flows and observable inputs comprising yield curves, foreign currency rates and credit spreads.

Level III Valuation Techniques

In the absence of observable market prices, Blackstone values its investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist; management’s determination of fair value is then based on the best information available in the circumstances, and may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for non-performance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties, certain funds of hedge funds and credit-focused investments.

Real Estate Investments

— The fair values of real estate investments are determined by considering projected operating cash flows, sales of comparable assets, if any, and replacement costs among other measures. The methods used to estimate the fair value of real estate investments include the discounted cash flow method and/or capitalization rates analysis. Where a discounted cash flow method is used, a terminal value is derived by reference to an exit multiple, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”), or a capitalization rate. Valuations may be derived by reference to observable valuation measures for comparable companies or assets (for example, multiplying a key performance metric of the investee company or asset, such as EBITDA, by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar methods.

Private Equity Investments

— The fair values of private equity investments are determined by reference to projected net earnings, EBITDA, the discounted cash flow method, public market or private transactions, valuations for comparable companies and other measures which, in many cases, are based on unaudited information at the time received. Where a discounted cash flow method is used, a terminal value is derived by reference to EBITDA or price/earnings exit multiples. Valuations may also be derived by reference to observable valuation measures for comparable companies or transactions (for example, multiplying a key performance metric of the investee company such as EBITDA by a relevant valuation multiple observed in the range of comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables, and in some instances by reference to option pricing models or other similar methods.

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Credit-Focused Investments

— The fair values of credit-focused investments are generally determined on the basis of prices between market participants provided by reputable dealers or pricing services. For credit-focused investments that are not publicly traded or whose market prices are not readily available, Blackstone may utilize other valuation techniques, including the discounted cash flow method or a market approach. The discounted cash flow method projects the expected cash flows of the debt instrument based on contractual terms, and discounts such cash flows back to the valuation date using a market-based yield. The market-based yield is estimated using yields of publicly traded debt instruments issued by companies operating in similar industries as the subject investment, with similar leverage statistics and time to maturity.

The market approach is generally used to determine the enterprise value of the issuer of a credit investment, and considers valuation multiples of comparable companies or transactions. The resulting enterprise value will dictate whether or not such credit investment has adequate enterprise value coverage. In cases of distressed credit instruments, the market approach may be used to estimate a recovery value in the event of a restructuring.

Investments, at Fair Value

Generally, the Blackstone Funds are accounted for as investment companies under the American Institute of Certified Public Accountants Accounting and Auditing Guide,

Investment Companies

, and in accordance with the GAAP guidance on investment companies and reflect their investments, including majority-owned and controlled investments (the “Portfolio Companies”), at fair value. Such consolidated funds’ investments are reflected in Investments on the Consolidated Statements of Financial Condition at fair value, with unrealized gains and losses resulting from changes in fair value reflected as a component of Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date, at current market conditions (i.e., the exit price).

Blackstone’s principal investments are presented at fair value with unrealized appreciation or depreciation and realized gains and losses recognized in the Consolidated Statements of Operations within Investment Income (Loss).

For certain instruments, Blackstone has elected the fair value option. Such election is irrevocable and is applied on an investment by investment basis at initial recognition or other eligible election dates. Blackstone has applied the fair value option for certain loans and receivables, unfunded loan commitments and certain investments in private debt securities that otherwise would not have been carried at fair value with gains and losses recorded in net income. The methodology for measuring the fair value of such investments is consistent with the methodology applied to private equity, real estate, credit-focused and funds of hedge funds investments. Changes in the fair value of such instruments are recognized in Investment Income (Loss) in the Consolidated Statements of Operations. Interest income on interest bearing loans and receivables and debt securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest and Dividend Revenue.

Blackstone has elected the fair value option for certain proprietary investments that would otherwise have been accounted for using the equity method of accounting. The fair value of such investments is based on quoted prices in an active market or using the discounted cash flow method. Changes in fair value are recognized in Investment Income (Loss) in the Consolidated Statements of Operations.

Further disclosure on instruments for which the fair value option has been elected is presented in Note 7. “Fair Value Option.”

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Blackstone Inc.

Notes to Consolidated Financial Statements— Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Blackstone may elect to measure certain proprietary investments in equity securities without readily determinable fair values under the measurement alternative, which reflects cost less impairment, with adjustments in value resulting from observable price changes arising from orderly transactions of the same or a similar security from the same issuer. If the measurement alternative election is not made, the equity security is measured at fair value. The measurement alternative election is made on an instrument by instrument basis. The election is reassessed each reporting period to determine whether investments under the measurement alternative have readily determinable fair values, in which case they would no longer be eligible for this election.

The investments of consolidated Blackstone Funds in funds of hedge funds (“Investee Funds”) are valued at net asset value (“NAV”) per share of the Investee Fund. In limited circumstances, Blackstone may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, Blackstone will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP.

Certain investments of Blackstone and of the consolidated Blackstone funds of hedge funds and credit-focused funds measure their investments in underlying funds at fair value using NAV per share without adjustment. The terms of the investee’s investment generally provide for minimum holding periods or lock-ups, the institution of gates on redemptions or the suspension of redemptions or an ability to side pocket investments, at the discretion of the investee’s fund manager, and as a result, investments may not be redeemable at, or within three months of, the reporting date. A side-pocket is used by hedge funds and funds of hedge funds to separate investments that may lack a readily ascertainable value, are illiquid or are subject to liquidity restriction. Redemptions are generally not permitted until the investments within a side-pocket are liquidated or it is deemed that the conditions existing at the time that required the investment to be included in the side-pocket no longer exist. As the timing of either of these events is uncertain, the timing at which Blackstone may redeem an investment held in a side-pocket cannot be estimated. Further disclosure on instruments for which fair value is measured using NAV per share is presented in Note 5. “Net Asset Value as Fair Value.”

Security and loan transactions are recorded on a trade date basis.

Equity Method Investments

Investments in which Blackstone is deemed to exert significant influence, but not control, are accounted for using the equity method of accounting except in cases where the fair value option has been elected. Blackstone has significant influence over all Blackstone Funds in which it invests but does not consolidate. Therefore, its investments in such Blackstone Funds, which include both a proportionate and disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), are accounted for under the equity method. Under the equity method of accounting, Blackstone’s share of earnings (losses) from equity method investments is included in Investment Income (Loss) in the Consolidated Statements of Operations.

In cases where Blackstone’s equity method investments provide for a disproportionate allocation of the profits and losses (as is the case with carry funds that include a Performance Allocation), Blackstone’s share of earnings (losses) from equity method investments is determined using a balance sheet approach referred to as the hypothetical liquidation at book value (“HLBV”) method. Under the HLBV method, at the end of each reporting period Blackstone calculates the Accrued Performance Allocations that would be due to Blackstone for each fund pursuant to the fund agreements as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as Accrued Performance Allocations to reflect either (a) positive performance resulting in an increase in the Accrued Performance Allocation to the general partner, or (b) negative performance that would cause the amount due to Blackstone to be less than the amount previously recognized as revenue, resulting in a negative adjustment to the Accrued

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Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Performance Allocation to the general partner. In each scenario, it is necessary to calculate the Accrued Performance Allocation on cumulative results compared to the Accrued Performance Allocation recorded to date and make the required positive or negative adjustments. Blackstone ceases to record negative Performance Allocations once previously Accrued Performance Allocations for such fund have been fully reversed. Blackstone is not obligated to pay guaranteed returns or hurdles, and therefore, cannot have negative Performance Allocations over the life of a fund. The carrying amounts of equity method investments are reflected in Investments in the Consolidated Statements of Financial Condition.

Strategic Partners’ results presented in Blackstone’s consolidated financial statements are reported on a three month lag from Strategic Partners’ fund financial statements, which report the performance of underlying investments generally on a same quarter basis, if available. Therefore, Strategic Partners’ results presented herein do not reflect the impact of economic and market activity in the current quarter. Current quarter market activity of Strategic Partners’ underlying investments is expected to affect Blackstone’s reported results in upcoming periods.

Cash and Cash Equivalents

Cash and Cash Equivalents represents cash on hand, cash held in banks, money market funds and liquid investments with original maturities of three months or less. Interest income from cash and cash equivalents is recorded in Interest and Dividend Revenue in the Consolidated Statements of Operations.

Cash Held by Blackstone Funds and Other

Cash Held by Blackstone Funds and Other represents cash and cash equivalents held by consolidated Blackstone Funds and other consolidated entities. Such amounts are not available to fund the general liquidity needs of Blackstone.

Accounts Receivable

Accounts Receivable includes management fees receivable from limited partners, receivables from underlying funds in the fund of hedge funds business, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to unaffiliated third parties. Accounts Receivable, excluding those for which the fair value option has been elected, are assessed periodically for collectability. Amounts determined to be uncollectible are charged directly to General, Administrative and Other Expenses in the Consolidated Statements of Operations.

Intangibles and Goodwill

Blackstone’s intangible assets consist of contractual rights to earn future fee income, including management and advisory fees, Incentive Fees and Performance Allocations. Identifiable finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from three to twenty years , reflecting the contractual lives of such assets. Amortization expense is included within General, Administrative and Other in the Consolidated Statements of Operations. Intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.

Goodwill comprises goodwill arising from the contribution and reorganization of Blackstone’s predecessor entities in 2007 immediately prior to its initial public offering (“IPO”) and the acquisitions of GSO Capital Partners LP in 2008, Strategic Partners in 2013, Harvest Fund Advisors LLC (“Harvest”) in 2017, Clarus Ventures LLC (“Clarus”) in 2018 and DCI LLC (“DCI”) in 2020. Goodwill is reviewed for impairment at least annually utilizing a qualitative or quantitative approach, and more frequently if circumstances indicate impairment may have occurred. The impairment testing for goodwill under the qualitative approach is based first on a qualitative assessment to determine if it is more likely than not that the fair value of Blackstone’s operating segments is less

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Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

than their respective carrying values. The operating segments are considered the reporting units for testing the impairment of goodwill. If it is determined that it is more likely than not that an operating segment’s fair value is less than its carrying value or when the quantitative approach is used, an impairment loss is recognized to the extent by which the carrying value exceeds the fair value, not to exceed the total amount of goodwill allocated to that reporting unit.

Furniture, Equipment and Leasehold Improvements

Furniture, equipment and leasehold improvements consist primarily of leasehold improvements, furniture, fixtures and equipment, computer hardware and software and are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method over the assets’ estimated useful economic lives, which for leasehold improvements are the lesser of the lease term or the life of the asset, generally ten to fifteen years , and

three

to

seven

years for other fixed assets. Blackstone evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Foreign Currency

In the normal course of business, Blackstone may enter into transactions not denominated in United States dollars. Foreign exchange gains and losses arising on such transactions are recorded as Other Revenue in the Consolidated Statements of Operations. Foreign currency transaction gains and losses arising within consolidated Blackstone Funds are recorded in Net Gains (Losses) from Fund Investment Activities. In addition, Blackstone consolidates a number of entities that have a non-U.S. dollar functional currency. Non-U.S. dollar denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and income, expenses, gains and losses are translated at the prevailing exchange rate on the dates that they were recorded. Cumulative translation adjustments arising from the translation of non-U.S. dollar denominated operations are recorded in Other Comprehensive Income and allocated to Non-Controlling Interests in Consolidated Entities and Non-Controlling Interests in Blackstone Holdings, as applicable.

Comprehensive Income

Comprehensive Income consists of Net Income and Other Comprehensive Income. Blackstone’s Other Comprehensive Income is comprised of foreign currency cumulative translation adjustments.

Compensation and Benefits

Compensation and Benefits

—

Compensation

— Compensation consists of (a) salary and bonus, and benefits paid and payable to employees and senior managing directors and (b) equity-based compensation associated with the grants of equity-based awards to employees and senior managing directors. Compensation cost relating to the issuance of equity-based awards to senior managing directors and employees is measured at fair value at the grant date, and expensed over the vesting period on a straight-line basis, taking into consideration expected forfeitures, except in the case of (a) equity-based awards that do not require future service, which are expensed immediately, and (b) certain awards to recipients that meet criteria making them eligible for retirement (allowing such recipient to keep a percentage of those awards upon departure from Blackstone after becoming eligible for retirement), for which the expense for the portion of the award that would be retained in the event of retirement is either expensed immediately or amortized to the retirement date. Cash settled equity-based awards and awards settled in a variable number of shares are classified as liabilities and are remeasured at the end of each reporting period.

Compensation and Benefits — Incentive Fee Compensation —

Incentive Fee Compensation consists of compensation paid based on Incentive Fees.

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Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Compensation and Benefits — Performance Allocations Compensation —

Performance Allocation Compensation consists of compensation paid based on Performance Allocations (which may be distributed in cash or in-kind). Such compensation expense is subject to both positive and negative adjustments. Performance Allocations Compensation is generally based on the performance of individual investments held by a fund rather than on a fund by fund basis. These amounts may also include allocations of investment income from Blackstone’s principal investments, to senior managing directors and employees participating in certain profit sharing initiatives.

Non-Controlling Interests in Consolidated Entities

Non-Controlling Interests in Consolidated Entities represent the component of Equity in general partner entities and consolidated Blackstone Funds held by third party investors and employees. The percentage interests in consolidated Blackstone Funds held by third parties and employees is adjusted for general partner allocations and by subscriptions and redemptions in funds of hedge funds and certain credit-focused funds which occur during the reporting period. Income (Loss) and other comprehensive income, if applicable, arising from the respective entities is allocated to non-controlling interests in consolidated entities based on the relative ownership interests of third party investors and employees after considering any contractual arrangements that govern the allocation of income (loss) such as fees allocable to Blackstone Inc.

Redeemable Non-Controlling Interests in Consolidated Entities

Investors in certain consolidated vehicles may be granted redemption rights that allow for quarterly or monthly redemption, as outlined in the relevant governing documents. Such redemption rights may be subject to certain limitations, including limits on the aggregate amount of interests that may be redeemed in a given period, may only allow for redemption following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be withdrawn. As a result, amounts relating to third party interests in such consolidated vehicles are presented as Redeemable Non-Controlling Interests in Consolidated Entities within the Consolidated Statements of Financial Condition. When redeemable amounts become legally payable to investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition. For all consolidated vehicles in which redemption rights have not been granted, non-controlling interests are presented within Equity in the Consolidated Statements of Financial Condition as Non-Controlling Interests in Consolidated Entities.

Non-Controlling Interests in Blackstone Holdings

Non-Controlling Interests in Blackstone Holdings represent the component of Equity in the consolidated Blackstone Holdings Partnerships held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships.

Certain costs and expenses are borne directly by the Holdings Partnerships. Income (Loss), excluding those costs directly borne by and attributable to the Holdings Partnerships, is attributable to Non-Controlling Interests in Blackstone Holdings. This residual attribution is based on the year to date average percentage of Blackstone Holdings Partnership Units and unvested participating Holdings Partnership Units held by Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships. Unvested participating Holdings Partnership Units are excluded from the attribution in periods of loss as they are not contractually obligated to share in losses of the Holdings Partnerships.

Other Income

Net Gains (Losses) from Fund Investment Activities in the Consolidated Statements of Operations include net realized gains (losses) from realizations and sales of investments, the net change in unrealized gains (losses)

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(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

resulting from changes in the fair value of investments and interest income and expense and dividends attributable to the consolidated Blackstone Funds’ investments.

Expenses incurred by consolidated Blackstone funds are separately presented within Fund Expenses in the Consolidated Statements of Operations.

Other Income also includes amounts attributable to the Reduction of the Tax Receivable Agreement Liability. See Note 15. “Income Taxes — Other Income — Change in the Tax Receivable Agreement Liability” for additional information.

Income Taxes

Blackstone Inc. is a corporation for U.S. federal income tax purposes and thus is subject to U.S. federal, state and local income taxes on Blackstone’s share of taxable income. The Blackstone Holdings Partnerships and certain of their subsidiaries operate in the U.S. as partnerships for U.S. federal income tax purposes and generally as corporate entities in non-U.S. jurisdictions. Accordingly, these entities in some cases are subject to New York City unincorporated business taxes or non-U.S. income taxes. In addition, certain of the wholly owned subsidiaries of Blackstone and the Blackstone Holdings Partnerships will be subject to federal, state and local corporate income taxes at the entity level and the related tax provision attributable to Blackstone’s share of this income tax is reflected in the consolidated financial statements.

Provision for Income Taxes

Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities, resulting in all pretax amounts being appropriately tax effected in the period, irrespective of which tax return year items will be reflected. Blackstone reports interest expense and tax penalties related to income tax matters in provision for income taxes.

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce the deferred tax assets to the amount that is more likely than not to be realized. Deferred tax assets are separately stated, and deferred tax liabilities are included in Accounts Payable, Accrued Expenses, and Other Liabilities in the consolidated financial statements.

Unrecognized Tax Benefits

Blackstone recognizes tax positions in the consolidated financial statements when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in the return and amounts recognized in the consolidated financial statements.

Net Income (Loss) Per Share of Common Stock

Basic Income (Loss) Per Share of Common Stock is calculated by dividing Net Income (Loss) Attributable to Blackstone Inc. by the weighted-average shares of common stock, unvested participating shares of common stock outstanding for the period and vested deferred restricted shares of common stock that have been earned for

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Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

which issuance of the related shares of common stock is deferred until future periods. Diluted Income (Loss) Per Share of Common Stock reflects the impact of all dilutive securities. Unvested participating shares of common stock are excluded from the computation in periods of loss as they are not contractually obligated to share in losses.

Blackstone applies the treasury stock method to determine the dilutive weighted-average common shares outstanding for certain equity-based compensation awards. Blackstone applies the “if-converted” method to the Blackstone Holdings Partnership Units to determine the dilutive impact, if any, of the exchange right included in the Blackstone Holdings Partnership Units. Blackstone applies the contingently issuable share model to contracts that may require the issuance of shares.

Reverse Repurchase and Repurchase Agreements

Securities purchased under agreements to resell (“reverse repurchase agreements”) and securities sold under agreements to repurchase (“repurchase agreements”), comprised primarily of U.S. and non-U.S. government and agency securities, asset-backed securities and corporate debt, represent collateralized financing transactions. Such transactions are recorded in the Consolidated Statements of Financial Condition at their contractual amounts and include accrued interest. The carrying value of reverse repurchase and repurchase agreements approximates fair value.

Blackstone manages credit exposure arising from reverse repurchase agreements and repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide Blackstone, in the event of a counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Blackstone takes possession of securities purchased under reverse repurchase agreements and is permitted to repledge, deliver or otherwise use such securities. Blackstone also pledges its financial instruments to counterparties to collateralize repurchase agreements. Financial instruments pledged that can be repledged, delivered or otherwise used by the counterparty are recorded in Investments in the Consolidated Statements of Financial Condition. Additional disclosures relating to repurchase agreements are discussed in Note 10. “Repurchase Agreements.”

Blackstone does not offset assets and liabilities relating to reverse repurchase agreements and repurchase agreements in its Consolidated Statements of Financial Condition. Additional disclosures relating to offsetting are discussed in Note 12. “Offsetting of Assets and Liabilities.”

Securities Sold, Not Yet Purchased

Securities Sold, Not Yet Purchased consist of equity and debt securities that Blackstone has borrowed and sold. Blackstone is required to “cover” its short sale in the future by purchasing the security at prevailing market prices and delivering it to the counterparty from which it borrowed the security. Blackstone is exposed to loss in the event that the price at which a security may have to be purchased to cover a short sale exceeds the price at which the borrowed security was sold short.

Securities Sold, Not Yet Purchased are recorded at fair value in the Consolidated Statements of Financial Condition.

Derivative Instruments

Blackstone recognizes all derivatives as assets or liabilities on its Consolidated Statements of Financial Condition at fair value. On the date Blackstone enters into a derivative contract, it designates and documents each

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Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

derivative contract as one of the following: (a) a hedge of a recognized asset or liability (“fair value hedge”), (b) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), (c) a hedge of a net investment in a foreign operation, or (d) a derivative instrument not designated as a hedging instrument (“freestanding derivative”).

For freestanding derivative contracts, Blackstone presents changes in fair value in current period earnings. Changes in the fair value of derivative instruments held by consolidated Blackstone Funds are reflected in Net Gains from Fund Investment Activities or, where derivative instruments are held by Blackstone, within Investment Income (Loss) in the Consolidated Statements of Operations. The fair value of freestanding derivative assets of the consolidated Blackstone Funds are recorded within Investments, the fair value of freestanding derivative assets that are not part of the consolidated Blackstone Funds are recorded within Other Assets and the fair value of freestanding derivative liabilities are recorded within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition.

Blackstone has elected to not offset derivative assets and liabilities or financial assets in its Consolidated Statements of Financial Condition, including cash, that may be received or paid as part of collateral arrangements, even when an enforceable master netting agreement is in place that provides Blackstone, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

Blackstone’s other disclosures regarding derivative financial instruments are discussed in Note 6. “Derivative Financial Instruments.”

Blackstone’s disclosures regarding offsetting are discussed in Note 12. “Offsetting of Assets and Liabilities.”

Leases

Blackstone determines if an arrangement is a lease at inception of the arrangement. Blackstone primarily enters into operating leases, as the lessee, for office space. Operating leases are included in Right-of-Use (“ROU”) Assets and Operating Lease Liabilities in the Consolidated Statement of Financial Condition. ROU Assets and Operating Lease Liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Blackstone determines the present value of the lease payments using an incremental borrowing rate based on information available at the inception date. Leases may include options to extend or terminate the lease which are included in the ROU Assets and Operating Lease Liability when they are reasonably certain of exercise.

Certain leases include lease and nonlease components, which are accounted for as one single lease component. 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 as part of the minimum lease payments used to measure the Operating Lease Liability. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term. When additional payments are based on usage or vary based on other factors, they are expensed when incurred as variable lease expense.

Minimum lease payments for leases with an initial term of twelve months or less are not recorded on the Consolidated Statement of Financial Condition. Blackstone recognizes lease expense for these leases on a straight-line basis over the lease term.

Additional disclosures relating to leases are discussed in Note 14. “Leases.”

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

of Pátria’s pre-IPO reorganization transactions (which included Blackstone’s sale of 10 % of Pátria’s pre-IPO shares to Pátria’s controlling shareholder) and the consummation of the IPO, Blackstone was deemed to no longer have significant influence over Pátria due to Blackstone’s decreased ownership and lack of board representation. Following the IPO, the retained interest in Pátria is included in Other Investments and accounted for at fair value in accordance with the GAAP guidance for investments in equity securities with a readily determinable fair value. Blackstone sold its remaining shares of Pátria during the three months ended September 30, 2021.

Blackstone evaluates each of its equity method investments, excluding Accrued Performance Allocations, to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission (“SEC”). As of and for the years ended December 31, 2022, 2021 and 2020, no individual equity method investment held by Blackstone met the significance criteria. As such, Blackstone is not required to present separate financial statements for any of its equity method investments.

Partnership Investments

Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $ 292.1 million, $ 1.9 billion and $ 320.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The summarized financial information of Blackstone’s equity method investments for December 31, 2022 are as follows:

		December 31, 2022 and the Year Then Ended
		Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total
Statement of Financial Condition
Assets
Investments		$	295,985,447			$	182,732,362			$	87,362,311			$	38,209,892			$	604,290,012
Other Assets			13,601,083				3,194,088				6,345,260				4,079,065				27,219,496
Total Assets		$	309,586,530			$	185,926,450			$	93,707,571			$	42,288,957			$	631,509,508
Liabilities and Equity
Debt		$	118,075,949			$	22,779,131			$	39,049,599			$	662,805			$	180,567,484
Other Liabilities			7,735,780				1,310,998				5,644,625				2,092,757				16,784,160
Total Liabilities			125,811,729				24,090,129				44,694,224				2,755,562				197,351,644
Equity			183,774,801				161,836,321				49,013,347				39,533,395				434,157,864
Total Liabilities and Equity		$	309,586,530			$	185,926,450			$	93,707,571			$	42,288,957			$	631,509,508
Statement of Operations
Interest Income		$	2,917,115			$	2,012,916			$	5,764,150			$	16,069			$	10,710,250
Other Income			9,432,802				824,779				690,193				286,444				11,234,218
Interest Expense			( 3,644,118	)			( 722,626	)			( 1,450,447	)			( 41,522	)			( 5,858,713	)
Other Expenses			( 11,089,520	)			( 2,132,320	)			( 1,303,902	)			( 255,459	)			( 14,781,201	)
Net Realized and Unrealized Gain from Investments			7,807,056				2,146,281				( 1,330,895	)			483,946				9,106,388
Net Income		$	5,423,335			$	2,129,030			$	2,369,099			$	489,478			$	10,410,942

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The summarized financial information of Blackstone’s equity method investments for December 31, 2021 are as follows:

		December 31, 2021 and the Year Then Ended
		Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total
Statement of Financial Condition
Assets
Investments		$	241,808,879			$	175,726,829			$	68,426,090			$	39,691,668			$	525,653,466
Other Assets			13,463,009				5,776,462				5,412,041				3,020,159				27,671,671
Total Assets		$	255,271,888			$	181,503,291			$	73,838,131			$	42,711,827			$	553,325,137
Liabilities and Equity
Debt		$	76,760,932			$	20,434,354			$	30,792,984			$	1,243,453			$	129,231,723
Other Liabilities			6,999,032				2,153,071				3,159,548				3,084,558				15,396,209
Total Liabilities			83,759,964				22,587,425				33,952,532				4,328,011				144,627,932
Equity			171,511,924				158,915,866				39,885,599				38,383,816				408,697,205
Total Liabilities and Equity		$	255,271,888			$	181,503,291			$	73,838,131			$	42,711,827			$	553,325,137
Statement of Operations
Interest Income		$	1,422,743			$	1,640,402			$	2,584,486			$	3,563			$	5,651,194
Other Income			6,115,960				318,485				306,490				315,894				7,056,829
Interest Expense			( 1,475,065	)			( 331,350	)			( 427,459	)			( 30,073	)			( 2,263,947	)
Other Expenses			( 6,847,739	)			( 1,666,930	)			( 828,689	)			( 282,474	)			( 9,625,832	)
Net Realized and Unrealized Gain from Investments			31,078,396				43,895,781				3,562,579				4,605,235				83,141,991
Net Income		$	30,294,295			$	43,856,388			$	5,197,407			$	4,612,145			$	83,960,235

(a)	Other represents the summarized financial information of equity method investments whose results, for segment reporting purposes, have been allocated across more than one of Blackstone’s segments.

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2022:

Impact to

Valuation

from an

Valuation

Unobservable

Weighted-

Increase

Fair Value

Techniques

Inputs

Ranges

Average (a)

in Input

Financial Assets

Investments of Consolidated Blackstone Funds

Equity Securities, Partnership and LLC Interests

$

4,195,859

Discounted Cash Flows

Discount Rate

4.1 % - 34.5 %

8.8 %

Lower

Exit Multiple - EBITDA

4.0 x - 30.6 x

14.7 x

Higher

Exit Capitalization Rate

2.6 % - 14.4 %

4.7 %

Lower

Transaction Price

n/a

Debt Instruments

53,973

Transaction Price

n/a

Third Party Pricing

n/a

Total Investments of Consolidated Blackstone Funds

4,249,832

Corporate Treasury Investments

5,868

Third Party Pricing

n/a

Loans and Receivables

315,039

Discounted Cash Flows

Discount Rate

7.6 % - 11.5 %

9.8 %

Lower

Other Investments (b)

57,365

Transaction Price

n/a

Third Party Pricing

n/a

$

4,628,104

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The following table summarizes the quantitative inputs and assumptions used for items categorized in Level III of the fair value hierarchy as of December 31, 2021:

Impact to

Valuation

from an

Valuation

Unobservable

Weighted-

Increase

Fair Value

Techniques

Inputs

Ranges

Average (a)

in Input

Financial Assets

Investments of Consolidated Blackstone Funds

Equity Securities, Partnership and LLC Interests

$

1,170,362

Discounted Cash Flows

Discount Rate

1.3 % - 43.3 %

10.4 %

Lower

Exit Multiple - EBITDA

3.7 x - 31.4 x

14.7 x

Higher

Exit Capitalization Rate

1.3 % - 17.3 %

4.9 %

Lower

Debt Instruments

29,953

Discounted Cash Flows

Discount Rate

6.5 % - 19.3 %

9.0 %

Lower

Third Party Pricing

n/a

Total Investments of Consolidated Blackstone Funds

1,200,315

Corporate Treasury Investments

477

Discounted Cash Flows

Discount Rate

9.4 %

n/a

Lower

Third Party Pricing

n/a

Loans and Receivables

392,732

Discounted Cash Flows

Discount Rate

6.5 % - 12.2 %

7.6 %

Lower

Other Investments

2,518,032

Third Party Pricing

n/a

Transaction Price

n/a

$

4,111,556

n/a		Not applicable.
EBITDA		Earnings before interest, taxes, depreciation and amortization.
Exit Multiple		Ranges include the last twelve months EBITDA and forward EBITDA multiples.
Third Party Pricing		Third Party Pricing is generally determined on the basis of unadjusted prices between market participants provided by reputable dealers or pricing services.
Transaction Price		Includes recent acquisitions or transactions.
(a)		Unobservable inputs were weighted based on the fair value of the investments included in the range.
(b)		As of December 31, 2022, Other Investments includes Level III Freestanding Derivatives.

During the year ended December 31, 2022, there have been no changes in valuation techniques within Level II and Level III that have had a material impact on the valuation of financial instruments.

The following tables summarize the changes in financial assets and liabilities measured at fair value for which Blackstone has used Level III inputs to determine fair value and does not include gains or losses that were reported in Level III in prior years or for instruments that were transferred out of Level III prior to the end of the respective reporting period. These tables also exclude financial assets and liabilities measured at fair value on a non-recurring basis. Total realized and unrealized gains and losses recorded for Level III investments are reported in either Investment Income (Loss) or Net Gains from Fund Investment Activities in the Consolidated Statements of Operations.

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

3.200 % per annum, in each case accruing from January 10, 2022. Interest on the January 2032 Notes is payable semi-annually in arrears on March 30 and September 30 of each year commencing on March 30, 2022. Interest on the 2052 Notes is payable semi-annually in arrears on January 30 and July 30 of each year commencing on July 30, 2022.

On June 1, 2022, Blackstone through the Issuer, issued

€

500 million aggregate principal amount of senior notes due June 1, 2034 (the “2034 Notes”). The 2034 Notes have an interest rate of 3.500 % per annum accruing from June 1, 2022. Interest on the 2034 Notes is payable annually in arrears on June 1 of each year commencing on June 1, 2023.

On June 3, 2022, Blackstone, through the Issuer, entered into an amended and restated $ 4.135 billion revolving credit facility (the “Credit Facility”) with Citibank, N.A., as administrative agent, and the lenders party thereto. The amendment and restatement, among other things, increased the amount of available borrowings and extended the maturity date from November 24, 2025 to June 3, 2027 .

On November 3, 2022, Blackstone through the Issuer, issued $ 600 million aggregate principal amount of senior notes due November 3, 2027 (the “2027 Notes”) and $ 900 million aggregate principal amount of senior notes due April 22, 2033 (the “2033 Notes”). The 2027 Notes have an interest rate of 5.900 % per annum and the 2033 Notes have an interest rate of 6.200 % per annum, in each case accruing from November 3, 2022. Interest on the 2027 Notes is payable semi-annually in arrears on May 3 and November 3 of each year commencing on May 3, 2023. Interest on the 2033 Notes is payable semi-annually in arrears on April 22 and October 22 of each year commencing on April 22, 2023.

All of Blackstone’s outstanding senior notes as of December 31, 2022 are unsecured and unsubordinated obligations of the Issuer that are fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to senior note issuances have been capitalized and are amortized over the life of each respective note.

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Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Blackstone borrows and enters into credit agreements for its general operating and investment purposes and certain Blackstone Funds borrow to meet financing needs of their operating and investing activities. Borrowing facilities have been established for the benefit of selected Blackstone Funds. When a Blackstone Fund borrows from the facility in which it participates, the proceeds from the borrowing are strictly limited for its intended use by the borrowing fund and not available for other Blackstone purposes. Blackstone’s credit facilities consist of the following:

		December 31,
		2022												2021
		Credit Available				Borrowing Outstanding				Effective Interest Rate				Credit Available				Borrowing Outstanding				Effective Interest Rate
Revolving Credit Facility (a)		$	4,135,000			$	—				-			$	2,000,000			$	250,000				0.86	%
Blackstone Issued Senior Notes (b)
4.750 %, Due 2/15/2023			400,000				400,000				5.07	%			400,000				400,000				5.08	%
2.000 %, Due 5/19/2025			321,150				321,150				2.19	%			341,100				341,100				2.11	%
1.000 %, Due 10/5/2026			642,300				642,300				1.16	%			682,200				682,200				1.13	%
3.150 %, Due 10/2/2027			300,000				300,000				3.29	%			300,000				300,000				3.30	%
5.900 %, Due 11/3/2027			600,000				600,000				6.19	%			—				—				-
1.625 %, Due 8/5/2028			650,000				650,000				1.83	%			650,000				650,000				1.68	%
1.500 %, Due 4/10/2029			642,300				642,300				1.61	%			682,200				682,200				1.55	%
2.500 %, Due 1/10/2030			500,000				500,000				2.73	%			500,000				500,000				2.73	%
1.600 %, Due 3/30/2031			500,000				500,000				1.70	%			500,000				500,000				1.70	%
2.000 %, Due 1/30/2032			800,000				800,000				2.18	%			800,000				800,000				2.16	%
2.550 %, Due 3/30/2032			500,000				500,000				2.66	%			—				—				-
6.200 %, Due 4/22/2033			900,000				900,000				6.40	%			—				—				-
3.500 %, Due 6/1/2034			535,250				535,250				3.79	%			—				—				-
6.250 %, Due 8/15/2042			250,000				250,000				6.65	%			250,000				250,000				6.65	%
5.000 %, Due 6/15/2044			500,000				500,000				5.16	%			500,000				500,000				5.16	%
4.450 %, Due 7/15/2045			350,000				350,000				4.56	%			350,000				350,000				4.56	%
4.000 %, Due 10/2/2047			300,000				300,000				4.20	%			300,000				300,000				4.20	%
3.500 %, Due 9/10/2049			400,000				400,000				3.61	%			400,000				400,000				3.61	%
2.800 %, Due 9/30/2050			400,000				400,000				2.88	%			400,000				400,000				2.88	%
2.850 %, Due 8/5/2051			550,000				550,000				2.92	%			550,000				550,000				2.89	%
3.200 %, Due 1/30/2052			1,000,000				1,000,000				3.26	%			—				—				-
			15,176,000				11,041,000								9,605,500				7,855,500
Blackstone Fund Facilities (c)			1,450,000				1,450,000				-				101				101				1.61	%
		$	16,626,000			$	12,491,000							$	9,605,601			$	7,855,601

(a)

As of December 31, 2022, the Issuer has a credit facility with Citibank, N.A., as Administrative Agent in the amount of $ 4.135 billion with a maturity date of June 3, 2027 . Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06 %. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75 % plus an additional credit spread adjustment of 0.10 % to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain sub-limits. The Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning assets under management, each tested quarterly. As of December 31, 2022 and 2021, Blackstone had outstanding but undrawn letters of credit against the Credit Facility of $ 11.2 million and $ 10.1 million, respectively. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit.

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Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

The following table reconciles the effective income tax rate to the U.S. federal statutory tax rate:

														2022				2021
		Year Ended December 31,												vs.				vs.
		2022				2021				2020				2021				2020
Statutory U.S. Federal Income Tax Rate			21.0	%			21.0	%			21.0	%			—				—
Income Passed Through to Non-Controlling Interest Holders			- 8.1	%			- 10.2	%			- 10.1	%			2.1	%			- 0.1	%
State and Local Income Taxes			6.0	%			2.1	%			2.4	%			3.9	%			- 0.3	%
Change to a Taxable Corporation			—				—				1.4	%			—				- 1.4	%
Change in Valuation Allowance			—				- 4.1	%			- 2.8	%			4.1	%			- 1.3	%
Basis Adjustment (a)			- 4.6	%			—				—				- 4.6	%			—
Other			- 0.6	%			- 0.1	%			1.7	%			- 0.5	%			- 1.8	%
Effective Income Tax Rate			13.7	%			8.7	%			13.6	%			5.0	%			- 4.9	%

(a)	Represents the impact of the out-of-period adjustment made during the year ended December 31, 2022 to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision.

Blackstone’s effective tax rate for the year ended December 31, 2022 was impacted by recent increases in Blackstone’s state tax provisions for the jurisdictions in which it operates and larger benefits recorded in December 31, 2021 for valuation allowance releases.

During the year ended December 31, 2022, Blackstone recorded an out-of-period adjustment to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision. The cumulative impact of the correction related to prior years resulted in a decrease of $ 158.2 million in the Provision for Taxes for the year ended December 31, 2022 and a corresponding increase to Deferred Tax Assets as of December 31, 2022. The impact of the out-of-period adjustment on the effective income tax rate is reflected in the Basis Adjustment row in the effective income tax rate table above. Blackstone concluded the out-of-period adjustment was not material to the current or prior periods.

Deferred income taxes reflect the net tax effects of temporary differences that may exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. A summary of the tax effects of the temporary differences is as follows:

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(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		December 31,
		2022				2021
Deferred Tax Assets
Investment Basis Differences/Net Unrealized Gains and Losses		$	2,031,002			$	1,572,672
Other			31,720				8,965
Total Deferred Tax Assets			2,062,722				1,581,637
Deferred Tax Liabilities
Investment Basis Differences/Net Unrealized Gains and Losses			15,409				15,421
Other			31,498				16,439
Total Deferred Tax Liabilities			46,907				31,860
Net Deferred Tax Assets		$	2,015,815			$	1,549,777

The net increase in the deferred tax asset for the year ended December 31, 2022, compared to the year ended December 31, 2021, is primarily due to (a) recognition of additional tax basis in certain assets and recording corresponding deferred tax benefits related to quarterly exchanges of Blackstone Holdings Partnership units for common shares of Blackstone Inc., and (b) an out-of-period adjustment that Blackstone recorded to revise the book investment basis used to calculate deferred tax assets and the deferred tax provision. The adjustment was not material to the current or prior periods and reflects the cumulative impact of the correction, which generated an additional deferred tax asset for the year ended December 31, 2022. Realization of deferred tax assets depends on the expectation and character of future taxable income. In addition, Blackstone

has no significant net operating losses carryforward at December 31, 2022.

In evaluating the ability to realize deferred tax assets, Blackstone among other things, considers projections of taxable income (including character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that Blackstone uses to manage its business. To the extent any portion of the deferred tax assets are not considered to be more likely than not to be realized, valuation allowances are recorded.

Currently, Blackstone does not believe it meets the indefinite reversal criteria that would preclude Blackstone from recognizing a deferred tax liability with respect to its foreign subsidiaries. Therefore, if applicable Blackstone recorded a deferred tax liability for any outside basis difference of an investment in a foreign subsidiary.

Blackstone files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, Blackstone is subject to examination by federal and certain state, local and foreign tax authorities. As of December 31, 2022, the most material jurisdictions where Blackstone entities are under active examination are New York State and City. The following are the major filing jurisdictions and their respective earliest open period subject to examination:

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(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

These regulatory capital requirements may restrict Blackstone’s ability to withdraw capital from its entities. At December 31, 2022, $ 106.0 million of net assets of consolidated entities may be restricted as to the payment of cash dividends and advances to Blackstone.

Contingencies

Guarantees

Certain of Blackstone’s consolidated real estate funds guarantee payments to third parties in connection with the ongoing business activities and/or acquisitions of their Portfolio Companies. There is no direct recourse to Blackstone to fulfill such obligations. To the extent that underlying funds are required to fulfill guarantee obligations, Blackstone’s invested capital in such funds is at risk. Total investments at risk in respect of guarantees extended by consolidated real estate funds was $ 18.3 million as of December 31, 2022.

The Blackstone Holdings Partnerships provided guarantees to a lending institution for certain loans held by employees either for investment in Blackstone Funds or for members’ capital contributions to The Blackstone Group International Partners LLP. The amount guaranteed as of December 31, 2022 was $ 78.9 million.

Strategic Venture

In December 2022, Blackstone entered into a long-term strategic venture with the Regents of the University of California (“UC Investments”), an institutional investor that subscribed for $ 4.0 billion of BREIT Class I shares on January 1, 2023. The strategic venture between Blackstone and UC Investments provides a waterfall structure with UC Investments receiving an 11.25 % target annualized net return on its $ 4.0 billion investment in BREIT shares (supported by a pledge by Blackstone of $ 1.0 billion of its current holdings in BREIT, including any appreciation or dividends received by Blackstone in respect thereof) and upside from its investment. Pursuant to the strategic venture, Blackstone is entitled to receive an incremental 5 % cash promote payment from UC Investments on any returns received in excess of the target return. An asset or liability is recognized based on fair value with the maximum potential future obligation capped at the fair value of the assets pledged by Blackstone in the arrangement. As of December 31, 2022, the fair value of the assets pledged was $ 1.0 billion and the liability recognized was $ 48.6 million.

Litigation

Blackstone may from time to time be involved in litigation and claims incidental to the conduct of its business. Blackstone’s businesses are also subject to extensive regulation, which may result in regulatory proceedings against Blackstone.

Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such legal actions, based on information known by management, Blackstone does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial position or cash flows.

In December 2017, eight pension plan members of the Kentucky Retirement System (“KRS”) filed a derivative lawsuit on behalf of KRS in the Franklin County Circuit Court of the Commonwealth of Kentucky (the “Mayberry Action”). The Mayberry Action alleged various breaches of fiduciary duty and other violations of Kentucky state law in connection with KRS’s investment in three hedge funds of funds, including a fund managed by Blackstone Alternative Asset Management L.P. (“BLP”). The suit named more than 30 defendants, including, among others, The Blackstone Group L.P. (now Blackstone Inc.); BLP; Stephen A. Schwarzman, as Chairman and CEO of

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Blackstone; and J. Tomilson Hill, as then-CEO of BLP (collectively, the “Blackstone Defendants”). In July 2020, the Kentucky Supreme Court directed the Circuit Court to dismiss the action due to the plaintiffs’ lack of standing.

Over the objection of the Blackstone Defendants and others, in December 2020, the Circuit Court permitted the Attorney General of the Commonwealth of Kentucky (the “AG”) to intervene in the Mayberry Action. On December 9, 2022, the Mayberry Action was stayed pending resolution of an interlocutory appeal in which the Blackstone Defendants and others are arguing that the Circuit Court did not have jurisdiction to continue the Mayberry Action after the ruling of the Kentucky Supreme Court.

In August 2022, KRS was ordered to disclose, and in September 2022, did disclose, a report prepared in 2021 by a law firm retained by KRS to conduct an investigation into the investment activities underlying the lawsuit. According to the report, the investigators “did not find any violations of fiduciary duty or illegal activity by [BLP]” related to KRS’s due diligence and retention of BLP or KRS’s continued investment with BLP. The report quotes contemporaneous communications by KRS staff during the period of the investment recognizing that BLP was exceeding KRS’s returns benchmark, that BLP was providing KRS with “far fewer negative months than any liquid market comparable,” and that BLP “[h]as killed it.”

In January 2021, certain former plaintiffs in the Mayberry Action filed a separate action (“Taylor I”), against the Blackstone Defendants and other defendants named in the Mayberry Action, asserting allegations substantially similar to those made in the Mayberry Action, and in July 2021 they amended their complaint to add class action allegations. Defendants removed Taylor I to the U.S. District Court for the Eastern District of Kentucky, and in March 2022, the District Court stayed Taylor I pending the resolution of the AG’s suit in the Mayberry Action.

In August 2021, a group of KRS members—including those that filed Taylor I—filed a new action in Franklin County Circuit Court (“Taylor II”), against the Blackstone Defendants, other defendants named in the Mayberry Action, and other KRS officials. The filed complaint is substantially similar to that filed in Taylor I and the Mayberry Action. Motions to dismiss are pending.

In May 2022, the presiding judge recused himself from the Mayberry Action and Taylor II and the cases were reassigned to another judge in the Franklin County Circuit Court.

In April 2021, the AG filed an action (the “Declaratory Judgment Action”), against BLP and the other fund manager defendants from the Mayberry Action in Franklin County Circuit Court. The action sought to have certain provisions in the subscription agreements between KRS and the fund managers declared to be in violation of the Kentucky Constitution. In March 2022, the Circuit Court granted summary judgment to the AG. BLP’s appeal is currently pending.

Blackstone continues to believe that the preceding lawsuits against Blackstone are totally without merit and intends to defend them vigorously.

In July 2021, BLP filed a breach of contract action against defendants affiliated with KRS alleging that the Mayberry Action and the Declaratory Judgment Action breach the parties’ subscription agreements governing KRS’s investment with BLP. The action seeks damages, including legal fees and expenses incurred in defending against the above actions. In April 2022, the Circuit Court dismissed BLP’s complaint without prejudice to refiling, on the grounds that the action was not yet ripe for adjudication. BLP’s appeal is currently pending.

In October 2022, as part of a sweep of private equity and other investment advisory firms, the SEC sent us a request for information relating to the retention of certain types of electronic business communications, including text messages, that may be required to be preserved under certain SEC rules. We are cooperating with the SEC’s inquiry.

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(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

that deconsolidates Blackstone Funds, eliminates non-controlling ownership interests in Blackstone’s consolidated operating partnerships, removes the amortization of intangible assets and removes Transaction-Related Charges. 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.

For segment reporting purposes, Segment Distributable Earnings is presented along with its major components, Fee Related Earnings and Net Realizations. Fee Related Earnings is used to assess Blackstone’s ability to generate profits from revenues that are measured and received on a recurring basis and not subject to future realization events. Net Realizations is the sum of Realized Principal Investment Income and Realized Performance Revenues less Realized Performance Compensation. Performance Allocations and Incentive Fees are presented together and referred to collectively as Performance Revenues or Performance Compensation.

Segment Presentation

The following tables present the financial data for Blackstone’s four segments as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021 and 2020.

		December 31, 2022 and the Year Then Ended
		Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total Segments
Management and Advisory Fees, Net
Base Management Fees		$	2,462,179			$	1,786,923			$	1,230,710			$	565,226			$	6,045,038
Transaction, Advisory and Other Fees, Net			171,424				97,876				34,624				6,193				310,117
Management Fee Offsets			( 10,538	)			( 56,062	)			( 5,432	)			( 177	)			( 72,209	)
Total Management and Advisory Fees, Net			2,623,065				1,828,737				1,259,902				571,242				6,282,946
Fee Related Performance Revenues			1,075,424				( 648	)			374,721				—				1,449,497
Fee Related Compensation			( 1,039,125	)			( 575,194	)			( 529,784	)			( 186,672	)			( 2,330,775	)
Other Operating Expenses			( 315,331	)			( 304,177	)			( 264,181	)			( 105,334	)			( 989,023	)
Fee Related Earnings			2,344,033				948,718				840,658				279,236				4,412,645
Realized Performance Revenues			2,985,713				1,191,028				147,413				137,184				4,461,338
Realized Performance Compensation			( 1,168,045	)			( 544,229	)			( 63,846	)			( 37,977	)			( 1,814,097	)
Realized Principal Investment Income			150,790				139,767				80,993				24,706				396,256
Total Net Realizations			1,968,458				786,566				164,560				123,913				3,043,497
Total Segment Distributable Earnings		$	4,312,491			$	1,735,284			$	1,005,218			$	403,149			$	7,456,142
Segment Assets		$	14,637,693			$	14,142,313			$	6,346,001			$	2,821,753			$	37,947,760

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Noted)

		December 31, 2021 and the Year Then Ended
		Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total Segments
Management and Advisory Fees, Net
Base Management Fees		$	1,895,412			$	1,521,273			$	765,905			$	636,685			$	4,819,275
Transaction, Advisory and Other Fees, Net			160,395				174,905				44,868				11,770				391,938
Management Fee Offsets			( 3,499	)			( 33,247	)			( 6,653	)			( 572	)			( 43,971	)
Total Management and Advisory Fees, Net			2,052,308				1,662,931				804,120				647,883				5,167,242
Fee Related Performance Revenues			1,695,019				212,128				118,097				—				2,025,244
Fee Related Compensation			( 1,161,349	)			( 662,824	)			( 367,322	)			( 156,515	)			( 2,348,010	)
Other Operating Expenses			( 234,505	)			( 264,468	)			( 199,912	)			( 94,792	)			( 793,677	)
Fee Related Earnings			2,351,473				947,767				354,983				396,576				4,050,799
Realized Performance Revenues			1,119,612				2,263,099				209,421				290,980				3,883,112
Realized Performance Compensation			( 443,220	)			( 943,199	)			( 94,450	)			( 76,701	)			( 1,557,570	)
Realized Principal Investment Income			196,869				263,368				70,796				56,733				587,766
Total Net Realizations			873,261				1,583,268				185,767				271,012				2,913,308
Total Segment Distributable Earnings		$	3,224,734			$	2,531,035			$	540,750			$	667,588			$	6,964,107
Segment Assets		$	14,866,437			$	15,242,626			$	6,522,091			$	2,791,939			$	39,423,093

		Year Ended December 31, 2020
		Real Estate				Private Equity				Credit & Insurance				Hedge Fund Solutions				Total Segments
Management and Advisory Fees, Net
Base Management Fees		$	1,553,483			$	1,232,028			$	603,713			$	582,830			$	3,972,054
Transaction, Advisory and Other Fees, Net			98,225				82,440				21,311				5,899				207,875
Management Fee Offsets			( 13,020	)			( 44,628	)			( 10,466	)			( 650	)			( 68,764	)
Total Management and Advisory Fees, Net			1,638,688				1,269,840				614,558				588,079				4,111,165
Fee Related Performance Revenues			338,161				—				40,515				—				378,676
Fee Related Compensation			( 618,105	)			( 455,538	)			( 261,214	)			( 161,713	)			( 1,496,570	)
Other Operating Expenses			( 183,132	)			( 195,213	)			( 165,114	)			( 79,758	)			( 623,217	)
Fee Related Earnings			1,175,612				619,089				228,745				346,608				2,370,054
Realized Performance Revenues			787,768				877,493				20,943				179,789				1,865,993
Realized Performance Compensation			( 312,698	)			( 366,949	)			( 3,476	)			( 31,224	)			( 714,347	)
Realized Principal Investment Income			24,764				72,089				7,970				54,110				158,933
Total Net Realizations			499,834				582,633				25,437				202,675				1,310,579
Total Segment Distributable Earnings		$	1,675,446			$	1,201,722			$	254,182			$	549,283			$	3,680,633

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(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

Reconciliations of Total Segment Amounts

The following tables reconcile the Total Segment Revenues, Expenses and Distributable Earnings to their equivalent GAAP measure for the years ended December 31, 2022, 2021 and 2020 along with Total Assets as of December 31, 2022 and 2021:

		Year Ended December 31,
		2022				2021				2020
Revenues
Total GAAP Revenues		$	8,517,673			$	22,577,148			$	6,101,927
Less: Unrealized Performance Revenues (a)			3,436,978				( 8,675,246	)			384,758
Less: Unrealized Principal Investment (Income) Loss (b)			1,235,529				( 679,767	)			101,742
Less: Interest and Dividend Revenue (c)			( 285,075	)			( 163,044	)			( 130,112	)
Less: Other Revenue (d)			( 183,754	)			( 202,885	)			253,693
Impact of Consolidation (e)			( 109,379	)			( 1,197,854	)			( 234,148	)
Amortization of Intangibles (f)			—				—				1,548
Transaction-Related Charges (g)			( 24,656	)			660				29,837
Intersegment Eliminations			2,721				4,352				5,522
Total Segment Revenue (h)		$	12,590,037			$	11,663,364			$	6,514,767

		Year Ended December 31,
		2022				2021				2020
Expenses
Total GAAP Expenses		$	4,973,025			$	9,476,617			$	3,479,566
Less: Unrealized Performance Allocations Compensation (i)			1,470,588				( 3,778,048	)			154,516
Less: Equity-Based Compensation (j)			( 782,090	)			( 559,537	)			( 333,767	)
Less: Interest Expense (k)			( 316,569	)			( 196,632	)			( 165,022	)
Impact of Consolidation (e)			( 61,644	)			( 25,673	)			( 26,088	)
Amortization of Intangibles (f)			( 60,481	)			( 68,256	)			( 64,436	)
Transaction-Related Charges (g)			( 81,789	)			( 143,378	)			( 210,892	)
Administrative Fee Adjustment (l)			( 9,866	)			( 10,188	)			( 5,265	)
Intersegment Eliminations			2,721				4,352				5,522
Total Segment Expenses (m)		$	5,133,895			$	4,699,257			$	2,834,134

		Year Ended December 31,
		2022				2021				2020
Other Income
Total GAAP Other Income		$	( 82,859	)		$	458,865			$	( 4,841	)
Impact of Consolidation (e)			82,859				( 458,865	)			4,841
Total Segment Other Income		$	—			$	—			$	—

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(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		Year Ended December 31,
		2022				2021				2020
Income Before Provision for Taxes
Total GAAP Income Before Provision for Taxes		$	3,461,789			$	13,559,396			$	2,617,520
Less: Unrealized Performance Revenues (a)			3,436,978				( 8,675,246	)			384,758
Less: Unrealized Principal Investment (Income) Loss (b)			1,235,529				( 679,767	)			101,742
Less: Interest and Dividend Revenue (c)			( 285,075	)			( 163,044	)			( 130,112	)
Less: Other Revenue (d)			( 183,754	)			( 202,885	)			253,693
Plus: Unrealized Performance Allocations Compensation (i)			( 1,470,588	)			3,778,048				( 154,516	)
Plus: Equity-Based Compensation (j)			782,090				559,537				333,767
Plus: Interest Expense (k)			316,569				196,632				165,022
Impact of Consolidation (e)			35,124				( 1,631,046	)			( 203,219	)
Amortization of Intangibles (f)			60,481				68,256				65,984
Transaction-Related Charges (g)			57,133				144,038				240,729
Administrative Fee Adjustment (l)			9,866				10,188				5,265
Total Segment Distributable Earnings		$	7,456,142			$	6,964,107			$	3,680,633

		As of December 31,
		2022				2021
Total Assets
Total GAAP Assets		$	42,524,227			$	41,196,408
Impact of Consolidation (e)			( 4,576,467	)			( 1,773,315	)
Total Segment Assets		$	37,947,760			$	39,423,093

Segment basis presents revenues and expenses on a basis that deconsolidates the investment funds Blackstone manages and excludes the amortization of intangibles and Transaction-Related Charges.

(a)	This adjustment removes Unrealized Performance Revenues on a segment basis.

(b)	This adjustment removes Unrealized Principal Investment Income (Loss) on a segment basis.

(c)	This adjustment removes Interest and Dividend Revenue on a segment basis.

(d)

This adjustment removes Other Revenue on a segment basis. For the years ended December 31, 2022, 2021 and 2020, Other Revenue on a GAAP basis was $ 184.6 million, $ 203.1 million and $( 253.1 ) million and included $ 182.9 million, $ 200.6 million and $( 257.8 ) million of foreign exchange gains (losses), respectively.

(e)

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, the removal of revenue from the reimbursement of certain expenses by the Blackstone Funds, which are presented gross under GAAP but netted against Management and Advisory Fees, Net in the Total Segment measures, and the removal of amounts associated with the ownership of Blackstone consolidated operating partnerships held by non-controlling interests.

(f)

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 is no longer amortization of intangibles associated with the investment.

(g)

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

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(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

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.

(h)	Total Segment Revenues is comprised of the following:

		Year Ended December 31,
		2022				2021				2020
Total Segment Management and Advisory Fees, Net		$	6,282,946			$	5,167,242			$	4,111,165
Total Segment Fee Related Performance Revenues			1,449,497				2,025,244				378,676
Total Segment Realized Performance Revenues			4,461,338				3,883,112				1,865,993
Total Segment Realized Principal Investment Income			396,256				587,766				158,933
Total Segment Revenues		$	12,590,037			$	11,663,364			$	6,514,767

(i)	This adjustment removes Unrealized Performance Allocations Compensation.

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

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

(l)

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.

(m)	Total Segment Expenses is comprised of the following:

		Year Ended December 31,
		2022				2021				2020
Total Segment Fee Related Compensation		$	2,330,775			$	2,348,010			$	1,496,570
Total Segment Realized Performance Compensation			1,814,097				1,557,570				714,347
Total Segment Other Operating Expenses			989,023				793,677				623,217
Total Segment Expenses		$	5,133,895			$	4,699,257			$	2,834,134

Reconciliations of Total Segment Components

The following tables reconcile the components of Total Segments to their equivalent GAAP measures, reported on the Consolidated Statement of Operations for the years ended December 31, 2022, 2021 and 2020:

		Year Ended December 31,
		2022				2021				2020
Management and Advisory Fees, Net
GAAP		$	6,303,315			$	5,170,707			$	4,092,549
Segment Adjustment (a)			( 20,369	)			( 3,465	)			18,616
Total Segment		$	6,282,946			$	5,167,242			$	4,111,165

221

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Table of Contents

Blackstone Inc.

Notes to Consolidated Financial Statements—Continued

(All Dollars are in Thousands, Except Share and Per Share Data, Except Where Noted)

		Year Ended December 31,
		2022				2021				2020
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees		$	525,127			$	253,991			$	138,661
Investment Income — Realized Performance Allocations			5,381,640				5,653,452				2,106,000
GAAP			5,906,767				5,907,443				2,244,661
Total Segment
Less: Realized Performance Revenues			( 4,461,338	)			( 3,883,112	)			( 1,865,993	)
Segment Adjustment (b)			4,068				913				8
Total Segment		$	1,449,497			$	2,025,244			$	378,676

		Year Ended December 31,
		2022				2021				2020
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation		$	2,569,780			$	2,161,973			$	1,855,619
Incentive Fee Compensation			207,998				98,112				44,425
Realized Performance Allocations Compensation			2,225,264				2,311,993				843,230
GAAP			5,003,042				4,572,078				2,743,274
Total Segment
Less: Realized Performance Compensation			( 1,814,097	)			( 1,557,570	)			( 714,347	)
Less: Equity-Based Compensation — Fee Related Compensation			( 772,170	)			( 551,263	)			( 326,116	)
Less: Equity-Based Compensation — Performance Compensation			( 9,920	)			( 8,274	)			( 7,651	)
Segment Adjustment (c)			( 76,080	)			( 106,961	)			( 198,590	)
Total Segment		$	2,330,775			$	2,348,010			$	1,496,570

		Year Ended December 31,
		2022				2021				2020
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP		$	1,092,671			$	917,847			$	711,782
Segment Adjustment (d)			( 103,648	)			( 124,170	)			( 88,565	)
Total Segment		$	989,023			$	793,677			$	623,217

222

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Table of Contents

*	Consolidated as of December 31, 2022 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 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
Michael S. Chae		Chief Financial Officer
John G. Finley		Chief Legal Officer
Hamilton E. James		Former Executive Vice Chairman*

*	Effective January 31, 2022, Mr. James retired as a director and as Executive Vice Chairman of Blackstone.

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Name and Principal Position		Year				Salary				Bonus (a)				Stock Awards (b)				All Other Compensation (c)				Total
Stephen A. Schwarzman			2022			$	350,000			$	—			$	—			$	252,772,146			$	253,122,146
Chairman and			2021			$	350,000			$	—			$	—			$	159,931,754			$	160,281,754
Chief Executive Officer			2020			$	350,000			$	—			$	—			$	86,030,331			$	86,380,331
Jonathan D. Gray			2022			$	350,000			$	—			$	54,581,040			$	241,541,158			$	296,472,198
President and			2021			$	350,000			$	—			$	52,408,134			$	103,836,036			$	156,594,170
Chief Operating Officer			2020			$	350,000			$	4,650,000			$	36,838,755			$	81,366,606			$	123,205,361
Michael S. Chae			2022			$	350,000			$	3,179,404			$	14,586,650			$	17,909,803			$	36,025,856
Chief Financial Officer			2021			$	350,000			$	4,566,274			$	11,278,331			$	14,610,658			$	30,805,263
			2020			$	350,000			$	4,650,000			$	12,160,258			$	10,825,066			$	27,985,324
John G. Finley			2022			$	350,000			$	2,863,548			$	12,316,037			$	6,681,266			$	22,210,851
Chief Legal Officer			2021			$	350,000			$	3,558,699			$	9,623,557			$	4,260,136			$	17,792,392
			2020			$	350,000			$	3,737,919			$	6,849,868			$	2,341,112			$	13,278,899
Hamilton E. James			2022			$	29,167			$	—			$	—			$	97,369,060			$	97,398,227
Former Executive Vice Chairman			2021			$	350,000			$	16,786,756			$	—			$	79,375,028			$	96,511,784
			2020			$	350,000			$	19,052,642			$	—			$	45,373,247			$	64,775,889

(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 2022 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 2022 as follows: $190,454,374 for Mr. Schwarzman, $162,058,339 for Mr. Gray, $86,181,832 for Mr. James, $13,660,929 for Mr. Chae and $4,981,717 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 2022, 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 2022 are separately disclosed in this footnote to the Summary Compensation Table. We believe that the presentation of the 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 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 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			4/1/2022				314,747	(a)		$	40,328,533
			1/9/2023				176,874	(b)		$	14,252,507
Michael S. Chae			4/1/2022				86,970	(a)		$	11,143,466
			1/9/2023				42,730	(b)		$	3,443,183
John G. Finley			4/1/2022				74,546	(a)		$	9,551,579
			1/9/2023				34,307	(b)		$	2,764,458
Hamilton E. James			—				—			$	—

(a)	Represents deferred restricted common stock units granted in 2022 under our 2007 Equity Incentive Plan for 2021 performance.

(b)	Represents deferred restricted common stock units granted in 2023 under the Bonus Deferral Plan for 2022 performance. These grants are reflected in the “Stock Awards” column of the Summary Compensation Table in 2022.

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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			2,312,856			$	172,721,012
Michael S. Chae			836,944			$	62,365,920
John G. Finley (c)			378,476			$	28,298,356
Hamilton E. James			—			$	—

(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 2023 in respect of 2022 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 2022” above.

(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 $74.19 per share of our common stock on December 30, 2022, the last trading day of 2022, other than the deferred restricted common stock units granted in 2023 in respect of 2022 performance, which are valued as of the date of their grant.

(c)

Amounts reported for Mr. Finley include (1) 18,897 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) 121,619 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) 97,445 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).

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		Stock Awards (a)
Name		Number of Shares Acquired on Vesting				Value Realized on Vesting (b)
Stephen A. Schwarzman			—			$	—
Jonathan D. Gray			302,306			$	29,214,779
Michael S. Chae			247,673			$	24,542,031
John G. Finley			78,305			$	9,057,312
Hamilton E. James			—			$	—

(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			$	170,820			$	320,820
Joseph P. Baratta (c)		$	—			$	—			$	—
James W. Breyer		$	150,000			$	233,209			$	383,209
Reginald J. Brown		$	150,000			$	297,995			$	447,995
Sir John Hood		$	150,000			$	174,960			$	324,960
Rochelle B. Lazarus		$	150,000			$	217,511			$	367,511
Jay O. Light (d)		$	200,000			$	306,013			$	506,013
The Right Honorable Brian Mulroney		$	150,000			$	223,459			$	373,459
William G. Parrett		$	180,000			$	353,385			$	533,385
Ruth Porat		$	150,000			$	213,459			$	363,459

(a)

The references to “stock” in this table refer to our deferred restricted common stock units. Amounts for 2022 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 2022, 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 — 2,000 units; Mr. Breyer — 2,364 units; Mr. Brown — 2,230 units; Mr. Hood —2,000 units; Ms. Lazarus — 2,181 units; Mr. Light — 2,290 units; Mr. Mulroney — 2,273 units; Mr. Parrett — 2,414 units; and Ms. Porat — 2,166 units.

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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			2,000			$	148,380
James W. Breyer			2,364			$	175,385
Reginald J. Brown			2,230			$	165,444
Sir John Hood			2,000			$	148,380
Rochelle B. Lazarus			2,181			$	161,808
The Right Honorable Brian Mulroney			2,273			$	168,634
William G. Parrett			2,414			$	179,095
Ruth Porat			2,166			$	160,696

(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 $74.19 per share of our common stock on December 30, 2022, the last trading day of 2022.

(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.”

(d)

An additional $50,000 annual cash retainer was paid to Mr. Light in connection with his service on the executive committee of The Blackstone Group International Partners LLP. Mr. Light served as a director of Blackstone until his passing on October 15, 2022. Mr. Light’s unvested equity awards vested immediately upon his passing, pursuant to the terms thereof. In recognition of his years of service to Blackstone, the board of directors determined that it was appropriate to pay Mr. Light’s estate his cash retainer for the remainder of the year of his passing.

•

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)			46,994,275				6.7	%			—				—
BlackRock, Inc. (c)			38,893,839				5.5	%			—				—
Directors and Executive Officers (d)(e)
Stephen A. Schwarzman (f)(g)			—				—				231,924,793				51.4	%
Jonathan D. Gray (g)			798,823				*				40,727,020				9.0	%
Hamilton E. James (g)(h)			—				*				15,805,951				3.5	%
Michael S. Chae (g)			194,528				*				6,295,468				1.4	%
John G. Finley (g)			91,297				*				396,983				*
Kelly A. Ayotte			11,989				*				—				—
Joseph P. Baratta			376,426				*				5,397,944				1.2	%
James W. Breyer			34,522				*				—				—
Reginald J. Brown			8,635				*				—				—
Sir John Hood			13,498				*				—				—
Rochelle B. Lazarus (g)			53,162				*				—				—
The Right Honorable Brian Mulroney			175,158				*				—				—
William G. Parrett (g)			91,572				*				—				—
Ruth Porat			36,764				*				—				—
All current executive officers and directors as a group (13 persons) (i)			1,886,374				*				284,742,208				62.9	%

*	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, 2023. 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 1, 2023. 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 24, 2023: Mr. Gray—566,881 deferred restricted Blackstone Holdings Partnership Units and 1,679,370 deferred restricted common stock; Mr. Chae—365,088 deferred restricted Backstone Holdings Partnership Units and 434,431 deferred restricted common stock; Mr. Finley—37,793 deferred restricted Blackstone Holdings Partnership Units and 306,231 deferred restricted common stock; Mr. Baratta—1,459,301 deferred restricted Blackstone Holdings Partnership Units and 830,742 deferred restricted common stock; Ms. Ayotte—2,000 deferred restricted common stock; Mr. Mulroney—2,273 deferred restricted common stock; Mr. Parrett—2,414 deferred restricted common stock; Ms. Lazarus—2,181 deferred restricted common stock; Mr. Breyer—2,364 deferred restricted common stock; Mr. Hood—2,000 deferred restricted common stock; Ms. Porat—2,166 deferred restricted common stock; and Mr. Brown—2,230 deferred restricted common stock.

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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—16,039,350 Blackstone Holdings Partnership Units; Mr. Gray—11,513,401 Blackstone Holdings Partnership Units and 51,200 deferred restricted common units; Mr. Chae—3,348,170 Blackstone Holdings Partnership Units and 13,450 deferred restricted common units; and Mr. Finley—190,243 Blackstone Holdings Partnership Units and 7,690 deferred restricted common units; and Mr. Baratta—3,681,072 Blackstone Holdings Partnership Units and 291,426 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—3,165,880 units held in various trusts for which Mr. Schwarzman is the investment trustee, Mr. Gray—15,606,802 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—747,008 units, Mr. Gray—3,444,918 units; (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—4,491,950 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; (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; and (c) ) 60,284 and 10,000 shares that have been pledged by Messrs. Finley and Parrett, respectively, to a third party to secure payment for a loan.

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(h)	Effective January 31, 2022, Mr. James retired as a director and as Executive Vice Chairman of Blackstone.

(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			58,417,583				—				159,030,583
Equity Compensation Plans Not Approved by Security Holders			—				—				—
			58,417,583				—				159,030,583

(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, 2022.

(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, 2023, pursuant to this formula, 172,161,191 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, 2022, 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, 2022
		Blackstone Inc.				Blackstone Entities, Principally Fund Related (c)				Blackstone Funds, Transaction Related (d)				Total
		(Dollars in Thousands)
Audit Fees		$	10,123	(a)		$	51,916			$	—			$	62,039
Audit-Related Fees			—				370				22,395				22,765
Tax Fees			775	(b)			84,828				22,845				108,448
All Other Fees			—				—				—				—
		$	10,898			$	137,114			$	45,240			$	193,252

		Year Ended December 31, 2021
		Blackstone 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

(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 (incorporated herein by reference to Exhibit 4.1 of the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 26, 2021).
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).
4.41		Twenty-Second Supplemental Indenture dated as of June 1, 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 June 1, 2022).
4.42		Form of 3.500% Senior Note due 2034 (included in Exhibit 4.41 hereto).
4.43		Twenty-Third Supplemental Indenture dated as of November 3, 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 November 3, 2022).
4.44		Form of 5.900% Senior Note due 2027 (included in Exhibit 4.43 hereto).

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4.45		Twenty-Fourth Supplemental Indenture dated as of November 3, 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 November 3, 2022).
4.46		Form of 6.200% Senior Note due 2033 (included in Exhibit 4.45 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).
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 (incorporated herein by reference to Exhibit 10.7 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022)

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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 (incorporated herein by reference to Exhibit 10.9 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022).
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.)
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).
10.18+		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).

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10.19+		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).
10.20+		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).
10.21+		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).
10.22+		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).
10.23+		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).
10.24+		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).
10.25+		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).
10.26+		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).
10.27+		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).

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10.28		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).
10.29+		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).
10.30+		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).
10.31+		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).
10.32+		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).
10.33+		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).
10.34+		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).
10.35+		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).
10.36+		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).
10.37+		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).
10.38+		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).

---

10.39+		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).
10.40+		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).
10.41+		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).
10.42+		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).
10.43+		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).
10.44+		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).
10.45+		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).
10.46+		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).
10.47+		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).
10.48+		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).
10.49+		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).

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10.50+		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).
10.51+		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).
10.52+		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).
10.53+		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).
10.54+		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).
10.55+		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).
10.56+		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).
10.57+		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).
10.58+		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).
10.59+		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).
10.60+		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).

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10.61*		Form of Amended & Restated Aircraft Dry Lease Agreement (N113CS) between 113CS LLC and Blackstone Administrative Services Partnership L.P.
10.62+		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).
10.63+		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).
10.64+		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).
10.65+		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).
10.66+		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).
10.67+		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).
10.68+		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).
10.69+		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).
10.70+		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).
10.71+		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).

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10.72+		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).
10.73+		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).
10.74+		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).
10.75+		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).
10.76+		Special Equity Award — Deferred Holdings Unit Agreement under The Blackstone Group L.P. 2007 Equity Incentive Plan (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).
10.77+		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).
10.78+		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).
10.79+		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).
10.80+		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).
10.81+		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).
10.82		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).
10.83		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).

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10.84		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).
10.85		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, as further amended and restated as of November 24, 2020, and as further amended and restated as of June 3, 2022, 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 June 8, 2022).
10.86+		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).
10.87+		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).
10.88+		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).
10.89+		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).
10.90+		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).
10.91+		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).
10.92+		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).

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10.93+		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).
10.94+		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).
10.95+		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).
10.96+		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).
10.97+		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).
10.98+		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).
10.99+		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).
10.100+		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).
10.101+		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).
10.102+		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).
10.103+		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).

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10.104+		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).
10.105+		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).
10.106+		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).
10.107+		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).
10.108+		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).
10.109+		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).
10.110+		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).
10.111+		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).
10.112+		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).
10.113+		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).

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10.114+		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).
10.115+		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).
10.116+		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).
10.117+		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).
10.118+		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).
10.119		Withdrawal Agreement between Blackstone Holdings I L.P. and Hamilton E. James dated May 3, 2022 (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 filed with the SEC on May 5, 2022).
10.120		Form of Aircraft Dry Lease Agreement between Hilltop Asset Holdings LLC and Blackstone Administrative Services Partnership L.P. (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with the SEC on August 5, 2022).
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).
99.1*		Section 13(r) Disclosure.
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

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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/ Brian Mulroney Brian Mulroney, Director
/s/ Joseph P. Baratta Joseph P. Baratta, Director		/s/ William G. Parrett William G. Parrett, Director
/s/ Kelly A. Ayotte Kelly A. Ayotte, Director		/s/ Ruth Porat Ruth Porat, Director
/s/ James W. Breyer James W. Breyer, Director