BX 10-K Fiscal year ended Dec. 31, 2024

				Page
Part I.
Item 1.		Business			7
Item 1A.		Risk Factors			22
Item 1B.		Unresolved Staff Comments			80
Item 1C.		Cybersecurity			81
Item 2.		Properties			83
Item 3.		Legal Proceedings			83
Item 4.		Mine Safety Disclosures			83
Part II.
Item 5.		Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			84
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			228
Item 9A.		Controls and Procedures			228
Item 9B.		Other Information			229
Item 9C.		Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			229
Part III.
Item 10.		Directors, Executive Officers and Corporate Governance			230
Item 11.		Executive Compensation			237
Item 12.		Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			255
Item 13.		Certain Relationships and Related Transactions, and Director Independence			258
Item 14.		Principal Accountant Fees and Services			263
Part IV.
Item 15.		Exhibits and Financial Statement Schedules			264
Item 16.		Form 10-K Summary			283
Signatures					284

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Item 1.

Business

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In our carry funds, the investment adviser or AIFM (depending on the domicile of the fund) receives a 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, investment fair value or capital commitments after the investment period. Management fees are generally payable over either the term or life of the fund. Depending on the fee basis, 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.

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In our other fund structures, unless outlined differently below, the investment adviser or AIFM (depending on the domicile of the fund) receives a management fee based on a percentage of the fund’s net asset value over the term or life of the fund. These funds may 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 net asset value reduce the total management fee paid for the relevant period, but not the fee rate.

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In our CLOs, the investment adviser typically receives a base management fee and a subordinated management fee, which are calculated as a percentage of the CLO’s assets. 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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In our separately managed accounts, the investment adviser generally receives a management fee based on a percentage of each account’s net asset value or invested capital. 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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In our credit-focused registered investment companies and our BDCs, the investment adviser typically receives a management fee based on a percentage of net asset value or total managed assets. 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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For BXMT, the investment adviser receives a management fee 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 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, or upon a limited partner’s redemption from the fund.

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The general partner or special limited partner of each of BREIT, BEPIF, BXPE and BXINFRA 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, measured annually and payable quarterly.

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The investment adviser of our BDCs receives (a) income incentive fees of 12.5% or 17.5%, 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 17.5%, as applicable, payable annually.

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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 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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In our Multi-Asset Investing segment, the investment adviser of certain of our funds of hedge funds, hedge or multi-strategy funds, separately managed accounts that invest in hedge funds and certain non-U.S. registered investment companies, is entitled to an incentive fee generally between 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.

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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.

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a number of our competitors 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 by 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 cost 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,

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some of our competitors may be more successful than we are in the development of new or customized products to address investor demand for new or different investment strategies and/or regulatory changes, including with respect to private credit products and products that are developed for individual investors or that target insurance capital,

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in order to broaden distribution of their private wealth products, some of our competitors may be willing to pay higher placement, servicing or other forms of distributor fees, which may adversely impact the amount of capital we are able to raise in the private wealth channel,

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there are relatively few barriers to entry impeding new alternative asset managers, and the successful efforts of new entrants, 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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corporate buyers may be able to achieve synergistic cost savings in respect of an investment, which may provide them with a competitive advantage relative to us when 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 a more limited number of investment products 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 Financial Stability Board, regularly assess financial stability-related risks associated with, among other things, nonbank lending and certain types of open-end funds. At this time, whether any rules or regulations related thereto will be proposed is unclear. 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, FSOC has the authority to designate nonbank financial companies as systemically important financial institutions (“SIFIs”) subject to supervision by the Federal Reserve Board. 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. In November 2023, FSOC adopted amendments to its guidance regarding procedures for designating nonbank financial companies as SIFIs which eliminated the prior guidance’s prioritization of an “activities-based” approach for identifying, assessing and addressing potential risks to financial stability. Under the previous guidance’s “activities-based” approach, FSOC indicated that it would primarily focus on regulating activities that pose systemic risk rather than focusing on individual firm-specific determinations. The elimination of an “activities-based” approach over designation of an individual firm as a nonbank SIFI may increase the likelihood of FSOC designating one or more firms as a nonbank SIFI. 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

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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 continues to increase as a result of, among other things, the increased amount of capital invested in alternative investment funds,

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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, which may result in little or no carried interest due to performance hurdles 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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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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A conversion of the legal entity form of Blackstone,

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

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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,

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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

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

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

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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,

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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

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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,

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

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placing limitations on convening stockholder meetings,

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

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

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Item 1B.

Unresolved Staff Comments

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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)

a vehicle’s invested capital at fair value which, as applicable, is measured as (1) total investments measured at fair value, or gross asset values, each of which may include the fair value of investments purchased with leverage under certain credit facilities, (2) net asset value, or (3) amount of debt and equity outstanding or aggregate par amount of assets, including principal cash for CLOs, and

(b)

a vehicle’s available capital, if any, which represents (1) uncalled commitments made by investors and (2) available borrowing capacity under certain credit facilities.

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		Year Ended December 31,												2024 vs. 2023								2023 vs. 2022
		2024				2023				2022				$				%				$				%
		(Dollars in Thousands)
Revenues
Management and Advisory Fees, Net		$	7,188,936			$	6,671,260			$	6,303,315			$	517,676				8%			$	367,945				6%
Incentive Fees			964,178				695,171				525,127				269,007				39%				170,044				32%
Investment Income (Loss)
Performance Allocations
Realized			3,457,746				2,223,841				5,381,640				1,233,905				55%				(3,157,799	)			-59%
Unrealized			371,407				(1,691,668	)			(3,435,056	)			2,063,075				n/m				1,743,388				-51%
Principal Investments
Realized			332,258				303,823				850,327				28,435				9%				(546,504	)			-64%
Unrealized			380,591				(603,154	)			(1,563,849	)			983,745				n/m				960,695				-61%
Total Investment Income			4,542,002				232,842				1,233,062				4,309,160				n/m				(1,000,220	)			-81%
Interest and Dividend Revenue			411,159				516,497				271,612				(105,338	)			-20%				244,885				90%
Other			123,693				(92,929	)			184,557				216,622				n/m				(277,486	)			n/m
Total Revenues			13,229,968				8,022,841				8,517,673				5,207,127				65%				(494,832	)			-6%
Expenses
Compensation and Benefits
Compensation			3,048,229				2,785,447				2,569,780				262,782				9%				215,667				8%
Incentive Fee Compensation			373,586				281,067				207,998				92,519				33%				73,069				35%
Performance Allocations Compensation
Realized			1,432,217				900,859				2,225,264				531,358				59%				(1,324,405	)			-60%
Unrealized			140,021				(654,403	)			(1,470,588	)			794,424				n/m				816,185				-56%
Total Compensation and Benefits			4,994,053				3,312,970				3,532,454				1,681,083				51%				(219,484	)			-6%
General, Administrative and Other			1,361,909				1,117,305				1,092,671				244,604				22%				24,634				2%
Interest Expense			443,688				431,868				317,225				11,820				3%				114,643				36%
Fund Expenses			19,676				118,987				30,675				(99,311	)			-83%				88,312				288%
Total Expenses			6,819,326				4,981,130				4,973,025				1,838,196				37%				8,105				—
Other Income (Loss)
Change in Tax Receivable Agreement Liability			(41,246	)			(27,196	)			22,283				(14,050	)			52%				(49,479	)			n/m
Net Gains (Losses) from Fund Investment Activities			90,084				(56,801	)			(105,142	)			146,885				n/m				48,341				-46%
Total Other Income (Loss)			48,838				(83,997	)			(82,859	)			132,835				n/m				(1,138	)			1%
Income Before Provision for Taxes			6,459,480				2,957,714				3,461,789				3,501,766				118%				(504,075	)			-15%
Provision for Taxes			1,021,671				513,461				472,880				508,210				99%				40,581				9%
Net Income			5,437,809				2,444,253				2,988,909				2,993,556				122%				(544,656	)			-18%
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			(61,289	)			(245,518	)			(142,890	)			184,229				-75%				(102,628	)			72%
Net Income Attributable to Non-Controlling Interests in Consolidated Entities			473,826				224,155				107,766				249,671				111%				116,389				108%
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			2,248,764				1,074,736				1,276,402				1,174,028				109%				(201,666	)			-16%
Net Income Attributable to Blackstone Inc.		$	2,776,508			$	1,390,880			$	1,747,631			$	1,385,628				100%			$	(356,751	)			-20%

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An increase of $1.2 billion in our Real Estate segment, primarily attributable to lower unrealized depreciation of Blackstone’s investment in certain Core+ real estate and BREP funds in the year ended December 31, 2024, compared to the year ended December 31, 2023.

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An increase of $975.8 million in our Private Equity segment, primarily attributable to higher unrealized appreciation of Blackstone’s investment in certain Corporate Private Equity funds in the year ended December 31, 2024 compared to the year ended December 31, 2023. Corporate Private Equity funds appreciated 16.6% in the year ended December 31, 2024, compared to 12.1% in the year ended December 31, 2023.

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An increase of $688.3 million in our Credit & Insurance segment, primarily attributable to higher unrealized gain on the ownership of Corebridge common stock based on the publicly traded price as of December 31, 2024, compared to December 31, 2023, and higher unrealized appreciation of Blackstone’s investment in certain mezzanine funds in the year ended December 31, 2024, compared to the year ended December 31, 2023.

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		Year Ended December 31,
		2024																				2023
		Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total				Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	336,940,096			$	314,391,397			$	312,674,037			$	76,186,917			$	1,040,192,447			$	326,146,904			$	299,850,659			$	273,746,559			$	74,928,955			$	974,673,077
Inflows (a)			27,941,070				41,285,126				91,200,162				11,032,279				171,458,637				53,922,506				23,986,567				62,132,619				8,476,721				148,518,413
Outflows (b)			(24,543,453	)			(7,225,733	)			(6,347,592	)			(9,687,779	)			(47,804,557	)			(15,642,086	)			(3,085,261	)			(16,132,113	)			(10,858,518	)			(45,717,978	)
Net Inflows (Outflows)			3,397,617				34,059,393				84,852,570				1,344,500				123,654,080				38,280,420				20,901,306				46,000,506				(2,381,797	)			102,800,435
Realizations (c)			(22,164,223	)			(28,930,508	)			(33,319,081	)			(2,728,668	)			(87,142,480	)			(18,744,078	)			(24,426,644	)			(20,080,725	)			(2,439,392	)			(65,690,839	)
Market Activity (d)(g)			(2,820,358	)			32,648,353				11,300,292				9,347,662				50,475,949				(8,743,150	)			18,066,076				13,007,697				6,079,151				28,409,774
Balance, End of Period (e)		$	315,353,132			$	352,168,635			$	375,507,818			$	84,150,411			$	1,127,179,996			$	336,940,096			$	314,391,397			$	312,674,037			$	76,186,917			$	1,040,192,447
Increase (Decrease)		$	(21,586,964	)		$	37,777,238			$	62,833,781			$	7,963,494			$	86,987,549			$	10,793,192			$	14,540,738			$	38,927,478			$	1,257,962			$	65,519,370
Increase (Decrease)			-6	%			12	%			20	%			10	%			8	%			3	%			5	%			14	%			2	%			7	%

		Year Ended December 31,
		2022
		Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total
		(Dollars in Thousands)
Total Assets Under Management
Balance, Beginning of Period		$	279,474,105			$	272,810,231			$	251,150,891			$	77,466,493			$	880,901,720
Inflows (a)			90,199,877				52,712,942				71,695,591				11,431,029				226,039,439
Outflows (b)			(13,577,103	)			(3,989,727	)			(19,535,887	)			(14,958,862	)			(52,061,579	)
Net Inflows (Outflows)			76,622,774				48,723,215				52,159,704				(3,527,833	)			173,977,860
Realizations (c)			(37,061,836	)			(24,926,992	)			(18,132,037	)			(1,646,775	)			(81,767,640	)
Market Activity (d)(g)			7,111,861				3,244,205				(11,431,999	)			2,637,070				1,561,137
Balance, End of Period (e)		$	326,146,904			$	299,850,659			$	273,746,559			$	74,928,955			$	974,673,077
Increase (Decrease)		$	46,672,799			$	27,040,428			$	22,595,668			$	(2,537,538	)		$	93,771,357
Increase (Decrease)			17	%			10	%			9	%			-3	%			11	%

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		Year Ended December 31,
		2024																				2023
		Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total				Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	298,889,475			$	176,997,265			$	218,188,936			$	68,532,226			$	762,607,902			$	281,967,153			$	175,990,967			$	192,535,693			$	67,893,075			$	718,386,888
Inflows (a)			28,674,456				46,270,186				71,529,783				8,957,656				155,432,081				60,404,380				8,501,835				42,750,955				7,694,930				119,352,100
Outflows (b)			(23,207,214	)			(7,997,715	)			(6,391,518	)			(8,768,766	)			(46,365,213	)			(18,176,929	)			(737,831	)			(12,485,948	)			(10,461,779	)			(41,862,487	)
Net Inflows (Outflows)			5,467,242				38,272,471				65,138,265				188,890				109,066,868				42,227,451				7,764,004				30,265,007				(2,766,849	)			77,489,613
Realizations (c)			(23,409,231	)			(9,408,638	)			(23,840,463	)			(2,505,119	)			(59,163,451	)			(20,266,342	)			(9,767,895	)			(13,242,327	)			(2,324,408	)			(45,600,972	)
Market Activity (d)(h)			(2,032,548	)			6,321,798				5,130,822				8,777,212				18,197,284				(5,038,787	)			3,010,189				8,630,563				5,730,408				12,332,373
Balance, End of Period (e)		$	278,914,938			$	212,182,896			$	264,617,560			$	74,993,209			$	830,708,603			$	298,889,475			$	176,997,265			$	218,188,936			$	68,532,226			$	762,607,902
Increase (Decrease)		$	(19,974,537	)		$	35,185,631			$	46,428,624			$	6,460,983			$	68,100,701			$	16,922,322			$	1,006,298			$	25,653,243			$	639,151			$	44,221,014
Increase (Decrease)			-7	%			20	%			21	%			9	%			9	%			6	%			1	%			13	%			1	%			6	%
Annualized Base Management Fee Rate (f)			0.93	%			1.04	%			0.65	%			0.66	%			0.85	%			0.97	%			1.09	%			0.64	%			0.69	%			0.88	%

		Year Ended December 31,
		2022
		Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total
		(Dollars in Thousands)
Fee-Earning Assets Under Management
Balance, Beginning of Period		$	221,476,699			$	166,331,770			$	191,174,657			$	70,985,932			$	649,969,058
Inflows (a)			98,569,361				20,577,513				42,659,407				10,463,507				172,269,788
Outflows (b)			(20,168,572	)			(4,311,749	)			(19,184,148	)			(14,428,904	)			(58,093,373	)
Net Inflows (Outflows)			78,400,789				16,265,764				23,475,259				(3,965,397	)			114,176,415
Realizations (c)			(22,661,825	)			(9,704,296	)			(8,466,629	)			(1,573,442	)			(42,406,192	)
Market Activity (d)(h)			4,751,490				3,097,729				(13,647,594	)			2,445,982				(3,352,393	)
Balance, End of Period (e)		$	281,967,153			$	175,990,967			$	192,535,693			$	67,893,075			$	718,386,888
Increase (Decrease)		$	60,490,454			$	9,659,197			$	1,361,036			$	(3,092,857	)		$	68,417,830
Increase (Decrease)			27	%			6	%			1	%			-4	%			11	%
Annualized Base Management Fee Rate (f)			0.97	%			1.09	%			0.62	%			0.74	%			0.88	%

---

(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, 2024, the impact to Total Assets Under Management from foreign exchange rate fluctuations was $(4.7) billion, $(1.3) billion, $(1.2) billion, $(652.0) million, and $(7.8) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the year ended December 31, 2023, the impact was $2.2 billion, $1.1 billion, $1.1 billion, $232.1 million and $4.6 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the year ended December 31, 2022, the impact was $(6.6) billion, $(1.5) billion, $(2.1) billion and $(10.8) billion for the Real Estate, Private Equity, Credit & Insurance and Total segments, respectively.

(h)

For the year ended December 31, 2024, the impact to Fee-Earning Assets Under Management from foreign exchange rate fluctuations was $(3.0) billion, $(278.0) million, $(1.1) billion, $(651.2) million, and $(5.1) billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the year ended December 31, 2023, the impact was $1.6 billion, $110.2 million, $1.0 billion, $223.5 million and $3.0 billion for the Real Estate, Private Equity, Credit & Insurance, Multi-Asset Investing and Total segments, respectively. For the year ended December 31, 2022, the impact was $(3.5) billion, $(1.7) billion and $(5.9) billion for the Real Estate, Credit & Insurance and Total segments, respectively.

•

For commitment-based drawdown funds, Total Assets Under Management inflows are generally reported at each fund closing whereas Fee-Earning Assets Under Management inflows are generally reported when a fund’s investment period commences. Fund closings and the investment period commencement generally occur in different periods and as such, Fee-Earning Assets Under Management inflows in such funds may exceed Total Assets Under Management inflows in the period when the investment period commences. This is most prevalent in our Real Estate and Private Equity segments.

•

For commitment-based drawdown funds, Total Assets Under Management realizations generally represents the total proceeds whereas Fee-Earning Assets Under Management generally represents only the invested capital. As such, Total Assets Under Management realizations typically exceeds Fee-Earning Assets Under Management realizations. This is most prevalent in our Real Estate and Private Equity segments.

---

•

For commitment-based drawdown funds, Total Assets Under Management is reported based on invested capital at fair value and available capital whereas Fee-Earning Assets Under Management is reported based on committed or remaining invested capital. As such, Total Assets Under Management market activity generally exceeds Fee-Earning Assets Under Management market activity. This is most prevalent in our Real Estate and Private Equity segments.

•

For certain credit funds, Total Assets Under Management are based on gross asset value while Fee-Earning Assets Under Management are based on net asset value. As such, Total Assets Under Management inflows, outflows, realizations and market activity for the period generally exceed the Fee-Earning Assets Under Management inflows, outflows, realizations and market activity for the period.

•

In our Real Estate segment, a decrease of $21.6 billion from $336.9 billion at December 31, 2023 to $315.4 billion at December 31, 2024. The net decrease was due to outflows of $24.5 billion, realizations of $22.2 billion and market depreciation of $2.8 billion, offset by inflows of $27.9 billion.

o

Outflows were driven by $12.5 billion due to the Residential Debt Transfer and $9.4 billion from BREIT.

o

Realizations were driven by $8.2 billion from BREDS, $6.8 billion from BREIT and $3.8 billion from BREP and co-investment.

o

Market depreciation was primarily driven by $4.1 billion from BREP and co-investment (which included $2.5 billion of foreign exchange depreciation) and $3.4 billion from BPP and co-investment (which included $2.0 billion of foreign exchange depreciation), partially offset by appreciation of $3.8 billion from BREDS (which included $26.9 million of foreign exchange depreciation) and $1.0 billion from BREIT (which included $134.9 million of foreign exchange depreciation).

o

Inflows were driven by $11.4 billion from BREDS, $8.4 billion from BREIT and $5.0 billion from BREP and co-investment.

•

In our Private Equity segment, an increase of $37.8 billion from $314.4 billion at December 31, 2023 to $352.2 billion at December 31, 2024. The net increase was due to inflows of $41.3 billion and market appreciation of $32.6 billion, offset by realizations of $28.9 billion and outflows of $7.2 billion.

o

Inflows were driven by $14.4 billion from Corporate Private Equity, $10.2 billion from Infrastructure, $6.7 billion from Secondaries and $4.8 billion from Tactical Opportunities.

o

Market appreciation was driven by $14.7 billion from Corporate Private Equity (which included $700.5 million of foreign exchange depreciation), $7.4 billion from BIP (which included $425.1 million of foreign exchange depreciation) and $6.3 billion from Secondaries.

o

Realizations were driven by $15.1 billion from Corporate Private Equity and $7.9 billion from Secondaries.

o

Outflows were driven by $2.2 billion from Secondaries, $1.8 billion from Tactical Opportunities and $1.5 billion from BIP.

---

•

In our Credit & Insurance segment, an increase of $62.8 billion from $312.7 billion at December 31, 2023 to $375.5 billion at December 31, 2024. The net increase was due to inflows of $91.2 billion and market appreciation of $11.3 billion, offset by realizations of $33.3 billion and outflows of $6.3 billion.

o

Inflows were driven by $39.0 billion from direct lending, $21.9 billion from liquid corporate credit, $22.2 billion from infrastructure and asset based credit strategies and $4.3 billion from mezzanine funds.

o

Market appreciation was driven by $5.1 billion from direct lending (which included $345.4 million of foreign exchange depreciation), $2.0 billion from the insurance platform and $1.6 billion from mezzanine funds.

o

Realizations were driven by $14.0 billion from direct lending, $9.9 billion from liquid corporate credit and $4.5 billion from infrastructure and asset based credit strategies.

o

Outflows were driven by $8.0 billion from liquid corporate credit, $7.6 billion from direct lending and $1.7 billion from the insurance platform, partially offset by $(12.5) billion due to the Residential Debt Transfer.

•

In our Multi-Asset Investing segment, an increase of $8.0 billion from $76.2 billion at December 31, 2023 to $84.2 billion at December 31, 2024. The net increase was due to inflows of $11.0 billion and market appreciation of $9.3 billion, offset by outflows of $9.7 billion and realizations of $2.7 billion.

o

Inflows were driven by $7.9 billion from Absolute Return, $2.7 billion from Multi-Strategy and $441.7 million from Harvest.

o

Market appreciation was driven by $5.9 billion from Absolute Return, $2.5 billion from Harvest and $952.2 million from Multi-Strategy (which included $652.0 million of foreign exchange depreciation).

o

Outflows were driven by $8.0 billion from Absolute Return, $891.1 million from Multi-Strategy and $770.0 million from Harvest.

o

Realizations were driven by $1.2 billion from Absolute Return, $1.2 billion from Multi-Strategy and $375.0 million from Harvest.

•

In our Real Estate segment, a decrease of $20.0 billion from $298.9 billion at December 31, 2023 to $278.9 billion at December 31, 2024. The net decrease was due to realizations of $23.4 billion, outflows of $23.2 billion and market depreciation of $2.0 billion, offset by inflows of $28.7 billion.

o

Realizations were driven by $11.0 billion from BREDS and $6.8 billion from BREIT.

o

Outflows were driven by $12.1 billion due to the Residential Debt Transfer and $9.4 billion from BREIT.

o

Market depreciation was driven by $3.2 billion from BPP and co-investment (which included $2.0 billion of foreign exchange depreciation) and $829.5 million from BREP and co-investment (which included $854.7 million of foreign exchange depreciation), partially offset by appreciation of $1.1 billion from BREDS (which included $36.1 million of foreign exchange depreciation) and $1.0 billion from BREIT (which included $134.9 million of foreign exchange depreciation).

o

Inflows were driven by $10.1 billion from BREDS, $8.4 billion from BREIT and $6.0 billion from BREP and co-investment.

---

•

In our Private Equity segment, an increase of $35.2 billion from $177.0 billion at December 31, 2023 to $212.2 billion at December 31, 2024. The net increase was due to inflows of $46.3 billion and market appreciation of $6.3 billion, offset by realizations of $9.4 billion and outflows of $8.0 billion.

o

Inflows were driven by $28.9 billion from Corporate Private Equity, $6.1 billion from BIP, $4.0 billion from Secondaries and $3.3 billion from Tactical Opportunities.

o

Market appreciation was driven by $6.0 billion from BIP (which included $284.3 million of foreign exchange depreciation).

o

Realizations were driven by $4.0 billion from Corporate Private Equity, $2.5 billion from Secondaries and $1.8 billion from Tactical Opportunities.

o

Outflows were driven by $4.7 billion from Corporate Private Equity and $1.5 billion from BIP.

•

In our Credit & Insurance segment, an increase of $46.4 billion from $218.2 billion at December 31, 2023 to $264.6 billion at December 31, 2024. The net increase was due to inflows of $71.5 billion and market appreciation of $5.1 billion, offset by realizations of $23.8 billion and outflows of $6.4 billion.

o

Inflows were driven by $26.8 billion from direct lending, $20.8 billion from liquid corporate credit and $19.6 billion from infrastructure and asset based credit strategies.

o

Market appreciation was driven by $4.0 billion from direct lending (which included $266.6 million of foreign exchange depreciation.

o

Realizations were driven by $9.8 billion from liquid corporate credit, $7.6 billion from direct lending and $4.1 billion from infrastructure and asset based credit strategies.

o

Outflows were driven by $7.7 billion from liquid corporate credit, $6.1 billion from direct lending (including $4.0 billion as a result of an update to the methodology to exclude leverage that contributes to performance revenues but does not earn management fees), $1.8 billion from mezzanine funds and $1.7 billion from the insurance platform, partially offset by $(12.1) billion due to the Residential Debt Transfer.

•

In our Multi-Asset Investing segment, an increase of $6.5 billion from $68.5 billion at December 31, 2023 to $75.0 billion at December 31, 2024. The net increase was due to inflows of $9.0 billion and market appreciation of $8.8 billion, offset by outflows of $8.8 billion and realizations of $2.5 billion.

o

Inflows were driven by $6.9 billion from Absolute Return, $1.7 billion from Multi-Strategy and $373.4 million from Harvest.

o

Market appreciation was driven by $5.6 billion from Absolute Return, $2.3 billion from Harvest and $908.5 million from Multi-Strategy (which included $651.2 million of foreign exchange depreciation).

o

Outflows were driven by $7.7 billion from Absolute Return, $686.7 million from Harvest and $428.9 million from Multi-Strategy.

o

Realizations were driven by $1.1 billion from Absolute Return, $1.1 billion from Multi-Strategy and $292.6 million from Harvest.

---

(a)

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

---

		December 31,
		2024				2023
		(Dollars in Millions)
Real Estate
BREP Global		$	873			$	1,323
BREP Europe			126				109
BREP Asia			98				92
BPP			42				129
BREDS			27				32
BTAS			19				2
Total Real Estate (a)			1,186				1,687
Private Equity
BCP Global			1,733				1,562
BCP Asia			334				182
Energy/Energy Transition			568				306
Core Private Equity			247				234
Tactical Opportunities			201				229
Secondaries			1,072				731
Infrastructure			84				333
Life Sciences			197				82
BTAS/BXPE			229				185
Total Private Equity (a)			4,665				3,844
Credit & Insurance			401				286
Multi-Asset Investing			30				17
Total Blackstone Net Accrued Performance Revenues		$	6,281			$	5,835

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

---

---

		Year Ended December 31,																								December 31, 2024 Inception to Date
		2024								2023								2022								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BREP VIII			-11%				-11%				-10%				-9%				8%				6%				30%				23%				18%				13%
BREP IX			-8%				-8%				-6%				-6%				18%				13%				80%				54%				15%				10%
BREP X			27%				15%				n/m				n/m				n/m				n/m				15%				7%				29%				8%
BREP Europe V (b)			-13%				-12%				-14%				-13%				-1%				-2%				50%				41%				11%				7%
BREP Europe VI (b)			3%				1%				10%				6%				10%				6%				97%				73%				19%				11%
BREP Asia II			-2%				-3%				-2%				-1%				2%				1%				35%				24%				7%				4%
BREP Asia III			6%				-7%				-4%				-19%				n/m				n/m				n/a				n/a				—				-14%
BREP Co-Investment (c)			-8%				-10%				1%				1%				26%				25%				18%				16%				18%				16%
BPP (d)			-2%				-3%				-8%				-8%				11%				9%				n/a				n/a				6%				5%
BREIT (e)			n/a				2%				n/a				-1%				n/a				8%				n/a				n/a				n/a				9%
BREIT - Class I (f)			n/a				2%				n/a				-1%				n/a				8%				n/a				n/a				n/a				9%
BREDS High-Yield (g)			17%				12%				12%				8%				3%				—				14%				10%				14%				9%
BXMT (h)			n/a				-8%				n/a				13%				n/a				-24%				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. Excludes investment vehicles where Blackstone does not earn fees.

(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.

(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)

Represents the Total Net Return for BREIT’s Class I shares, its largest share class. Performance varies by share class. Class I Total Net Return assumes reinvestment of all dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BREIT. Inception to date return is from January 1, 2017.

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

(h)

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,												2024 vs. 2023								2023 vs. 2022
		2024				2023				2022				$				%				$				%
		(Dollars in Thousands)
Management and Advisory Fees, Net
Base Management Fees		$	2,027,855			$	1,903,972			$	1,882,197			$	123,883				7%			$	21,775				1%
Transaction, Advisory and Other Fees, Net			176,469				108,848				97,972				67,621				62%				10,876				11%
Management Fee Offsets			(6,044	)			(5,228	)			(56,078	)			(816	)			16%				50,850				-91%
Total Management and Advisory Fees, Net			2,198,280				2,007,592				1,924,091				190,688				9%				83,501				4%
Fee Related Performance Revenues			1,185,428				—				(648	)			1,185,428				n/m				648				-100%
Fee Related Compensation			(1,164,237	)			(619,678	)			(599,758	)			(544,559	)			88%				(19,920	)			3%
Other Operating Expenses			(391,309	)			(329,221	)			(314,967	)			(62,088	)			19%				(14,254	)			5%
Fee Related Earnings			1,828,162				1,058,693				1,008,718				769,469				73%				49,975				5%
Realized Performance Revenues			1,392,447				1,343,865				1,206,594				48,582				4%				137,271				11%
Realized Performance Compensation			(633,491	)			(584,154	)			(550,306	)			(49,337)				8%				(33,848	)			6%
Realized Principal Investment Income			52,356				76,220				144,585				(23,864	)			-31%				(68,365	)			-47%
Net Realizations			811,312				835,931				800,873				(24,619	)			-3%				35,058				4%
Segment Distributable Earnings		$	2,639,474			$	1,894,624			$	1,809,591			$	744,850				39%			$	85,033				5%

n/m	Not meaningful.

---

---

		Year Ended December 31,																								December 31, 2024 Inception to Date
		2024								2023								2022								Realized								Total
Fund (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net				Gross				Net
BCP VI			7%				6%				7%				6%				12%				11%				19%				14%				17%				12%
BCP VII			13%				10%				13%				10%				-12%				-11%				34%				25%				18%				13%
BCP VIII			14%				9%				12%				6%				4%				—				n/m				n/m				19%				11%
BEP II			40%				23%				12%				8%				36%				33%				15%				12%				14%				9%
BEP III			20%				15%				28%				20%				42%				31%				63%				45%				42%				28%
BCP Asia I			14%				12%				16%				13%				-38%				-35%				66%				46%				36%				25%
BCP Asia II			91%				76%				62%				23%				n/m				n/m				n/m				n/m				80%				51%
BCEP I			10%				8%				2%				2%				—				—				64%				59%				19%				17%
BCEP II			14%				10%				31%				24%				14%				9%				n/a				n/a				19%				14%
Tactical Opportunities			13%				9%				9%				5%				-2%				-4%				18%				15%				15%				10%
Tactical Opportunities Co-Investment and Other			13%				11%				7%				7%				—				4%				21%				19%				19%				16%
BXG I			2%				-2%				-2%				-5%				-13%				-13%				n/m				n/m				2%				-2%
Strategic Partners VI (b)			2%				—				-2%				-3%				-10%				-11%				n/a				n/a				18%				13%
Strategic Partners VII (b)			-1%				-2%				1%				—				-4%				-5%				n/a				n/a				20%				16%
Strategic Partners Real Assets II (b)			13%				11%				19%				16%				13%				12%				n/a				n/a				19%				15%
Strategic Partners VIII (b)			1%				—				-1%				-3%				3%				2%				n/a				n/a				30%				23%
Strategic Partners Real Estate, SMA and Other (b)			-1%				-6%				-6%				-7%				35%				32%				n/a				n/a				14%				12%
Strategic Partners Infrastructure III (b)			13%				10%				15%				11%				58%				45%				n/a				n/a				30%				20%
Strategic Partners IX (b)			25%				19%				15%				7%				n/m				n/m				n/a				n/a				28%				18%
Strategic Partners GP Solutions (b)			—				-3%				-16%				-11%				39%				29%				n/a				n/a				1%				-3%
BSCH (c)			35%				25%				8%				5%				4%				1%				n/a				n/a				21%				13%
BIP (d)			24%				20%				13%				10%				26%				20%				n/a				n/a				21%				17%
Clarus IV			22%				17%				-3%				-4%				4%				2%				11%				6%				16%				10%
BXLS V			42%				31%				43%				27%				10%				2%				n/m				n/m				31%				19%
BXPE (e)			n/a				13%				n/a				n/a				n/a				n/a				n/a				n/a				n/a				13%
BXPE - Class I (f)			n/a				14%				n/a				n/a				n/a				n/a				n/a				n/a				n/a				14%

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. Excludes investment vehicles where Blackstone does not earn fees.

(b)

Gross and net returns are reported on a three-month lag, reflect Strategic Partners’ fund financial performance as of the prior quarter and therefore do not include the impact of economic and market activities in the current quarter. Realizations are treated as returns of capital until fully recovered and therefore inception to date realized returns are not applicable.

(c)	Gross and net returns represent BSCH I and BSCH II GP Stakes funds. Returns include performance of investments in four public-market general partner stakes acquired in BSCH I, prior to a shift in GP Stakes’ strategy in 2017 to focus exclusively on private-markets general partners.

(d)	Gross and net returns reflect infrastructure-focused funds for institutional investors.

---

(e)

Reflects a per share blended return for each respective period, assuming BXPE had a single vehicle and a single share class, reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by BXPE. These returns are not representative of the returns experienced by any particular vehicle, investor or share class. Inception to date returns are presented on an annualized basis and are from January 2, 2024.

(f)

Represents the blended Total Net Return for BXPE’s Class I shares, its largest share class across vehicles. Performance varies by vehicle and share class. Class I Total Net Return assumes reinvestment of any dividends received during the period, and no upfront selling commission, net of all fees and expenses incurred by the Class I shares. Class I Total Net Return is presented on an annualized basis from January 2, 2024.

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		Year Ended December 31,												2024 vs. 2023								2023 vs. 2022
		2024				2023				2022				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	1,561,649			$	1,297,406			$	1,185,289			$	264,243				20%			$	112,117				9%
Transaction and Other Fees, Net			44,354				44,542				34,481				(188	)			—				10,061				29%
Management Fee Offsets			(24,196	)			(3,907	)			(5,432	)			(20,289	)			519%				1,525				-28%
Total Management Fees, Net			1,581,807				1,338,041				1,214,338				243,766				18%				123,703				10%
Fee Related Performance Revenues			747,092				564,287				374,721				182,805				32%				189,566				51%
Fee Related Compensation			(755,620	)			(628,064	)			(512,727	)			(127,556	)			20%				(115,337	)			22%
Other Operating Expenses			(371,354	)			(323,773	)			(260,028	)			(47,581	)			15%				(63,745	)			25%
Fee Related Earnings			1,201,925				950,491				816,304				251,434				26%				134,187				16%
Realized Performance Revenues			313,092				317,620				147,285				(4,528	)			-1%				170,335				116%
Realized Performance Compensation			(129,814	)			(140,210	)			(63,845	)			10,396				-7%				(76,365	)			120%
Realized Principal Investment Income			39,855				21,752				79,763				18,103				83%				(58,011	)			-73%
Net Realizations			223,133				199,162				163,203				23,971				12%				35,959				22%
Segment Distributable Earnings		$	1,425,058			$	1,149,653			$	979,507			$	275,405				24%			$	170,146				17%

n/m	Not meaningful.

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		Year Ended December 31,																								Inception to December 31, 2024
		2024								2023								2022								Total
Composite (a)		Gross				Net				Gross				Net				Gross				Net				Gross				Net
Private Credit (b)			16	%			12	%			16	%			12	%			7	%			4	%			12	%			8	%
Liquid Credit (b)			10	%			9	%			13	%			12	%			-3	%			-3	%			5	%			5	%

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

(b)

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.

		Invested Performance Eligible Assets Under Management												Estimated % Above High Water Mark/Hurdle (a)
		December 31,												December 31,
		2024				2023				2022				2024				2023				2022
		(Dollars in Thousands)
Credit & Insurance (b)		$	110,519,827			$	89,500,575			$	87,166,271				99	%			97	%			93	%

(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, 2024, the incremental appreciation needed for the 1% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles to reach their respective High Water Marks/Hurdles was $2.2 billion, an increase of $37.0 million, compared to $2.1 billion at December 31, 2023. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Hurdles as of December 31, 2024, 5% were within 5% of reaching their respective High Water Mark.

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		Year Ended December 31,												2024 vs. 2023								2023 vs. 2022
		2024				2023				2022				$				%				$				%
		(Dollars in Thousands)
Management Fees, Net
Base Management Fees		$	474,395			$	470,237			$	515,373			$	4,158				1%			$	(45,136	)			-9%
Transaction and Other Fees, Net			3,855				4,019				6,240				(164	)			-4%				(2,221	)			-36%
Management Fee Offsets			(80	)			(3	)			(161	)			(77	)			n/m				158				-98%
Total Management Fees, Net			478,170				474,253				521,452				3,917				1%				(47,199	)			-9%
Fee Related Compensation			(144,500	)			(164,488	)			(179,165	)			19,988				-12%				14,677				-8%
Other Operating Expenses			(105,108	)			(106,289	)			(98,697	)			1,181				-1%				(7,592	)			8%
Fee Related Earnings			228,562				203,476				243,590				25,086				12%				(40,114	)			-16%
Realized Performance Revenues			380,518				155,259				121,746				225,259				145%				33,513				28%
Realized Performance Compensation			(86,930	)			(48,354	)			(31,901	)			(38,576	)			80%				(16,453	)			52%
Realized Principal Investment Income			(14,207	)			5,332				21,118				(19,539	)			n/m				(15,786	)			-75%
Net Realizations			279,381				112,237				110,963				167,144				149%				1,274				1%
Segment Distributable Earnings		$	507,943			$	315,713			$	354,553			$	192,230				61%			$	(38,840	)			-11%

n/m	Not meaningful.

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		Average Annual Returns (a)
		Periods Ended December 31, 2024
		One Year								Three Year								Five Year								Historical
Composite		Gross				Net				Gross				Net				Gross				Net				Gross				Net
Absolute Return Composite (b)			13	%			12	%			9	%			8	%			8	%			7	%			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)

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

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		Invested Performance Eligible Assets Under Management												Estimated % Above High Water Mark/Benchmark (a)
		December 31,												December 31,
		2024				2023				2022				2024				2023				2022
		(Dollars in Thousands)
Multi-Asset Investing Managed Funds (b)		$	51,630,740			$	45,631,127			$	43,052,178				98	%			95	%			82	%

(a)

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

(b)

For the Multi-Asset Investing managed funds, at December 31, 2024, the incremental appreciation needed for the 2% of Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks to reach their respective High Water Marks/Benchmarks was $116.0 million, a decrease of $(462.3) million, compared to $578.3 million at December 31, 2023. Of the Invested Performance Eligible Assets Under Management below their respective High Water Marks/Benchmarks as of December 31, 2024, 5% were within 5% of reaching their respective High Water Mark.

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		Year Ended December 31,
		2024				2023				2022
		(Dollars in Thousands)
Net Income Attributable to Blackstone Inc.		$	2,776,508			$	1,390,880			$	1,747,631
Net Income Attributable to Non-Controlling Interests in Blackstone Holdings			2,248,764				1,074,736				1,276,402
Net Income Attributable to Non-Controlling Interests in Consolidated Entities			473,826				224,155				107,766
Net Loss Attributable to Redeemable Non-Controlling Interests in Consolidated Entities			(61,289	)			(245,518	)			(142,890	)
Net Income			5,437,809				2,444,253				2,988,909
Provision for Taxes			1,021,671				513,461				472,880
Net Income Before Provision for Taxes			6,459,480				2,957,714				3,461,789
Transaction-Related and Non-Recurring Items (a)			56,372				25,981				57,133
Amortization of Intangibles (b)			29,332				33,457				60,481
Impact of Consolidation (c)			(412,537	)			21,363				35,124
Unrealized Performance Revenues (d)			(371,407	)			1,691,788				3,436,978
Unrealized Performance Allocations Compensation (e)			140,021				(654,403	)			(1,470,588	)
Unrealized Principal Investment (Income) Loss (f)			(271,868	)			593,301				1,235,529
Other Revenues (g)			(123,166	)			93,083				(183,754	)
Equity-Based Compensation (h)			1,159,122				959,474				782,090
Administrative Fee Adjustment (i)			11,590				9,707				9,866
Taxes and Related Payables (j)			(710,197	)			(670,510	)			(791,868	)
Distributable Earnings			5,966,742				5,060,955				6,632,780
Taxes and Related Payables (j)			710,197				670,510				791,868
Net Interest and Dividend (Income) Loss (k)			33,437				(106,120	)			31,494
Total Segment Distributable Earnings			6,710,376				5,625,345				7,456,142
Realized Performance Revenues (l)			(2,287,031	)			(2,061,102	)			(4,461,338	)
Realized Performance Compensation (m)			951,246				896,017				1,814,097
Realized Principal Investment Income (n)			(92,526	)			(110,932	)			(396,256	)
Fee Related Earnings		$	5,282,065			$	4,349,328			$	4,412,645
Adjusted EBITDA Reconciliation
Distributable Earnings		$	5,966,742			$	5,060,955			$	6,632,780
Interest Expense (o)			444,417				429,521				316,569
Taxes and Related Payables (j)			710,197				670,510				791,868
Depreciation and Amortization (p)			98,756				94,124				69,219
Adjusted EBITDA		$	7,220,112			$	6,255,110			$	7,810,436

(a)

This adjustment removes Transaction-Related and Non-Recurring Items, which are excluded from Blackstone’s segment presentation. Transaction-Related and Non-Recurring Items arise from corporate actions including acquisitions, divestitures, Blackstone’s initial public offering and non-recurring gains, losses, or other charges, if any. 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, gains or losses associated with these corporate actions and non-recurring gains, losses or other charges that affect period-to-period comparability and are not reflective of Blackstone’s operational performance. For the year ended December 31, 2024, this adjustment includes removal of an accrual for a liability for a legal matter.

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(b)	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.

(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,
		2024				2023				2022
		(Dollars in Thousands)
GAAP Unrealized Performance Allocations		$	371,407			$	(1,691,668	)		$	(3,435,056	)
Segment Adjustment			—				(120	)			(1,922	)
Unrealized Performance Revenues		$	371,407			$	(1,691,788	)		$	(3,436,978	)

(e)	This adjustment removes Unrealized Performance Allocations Compensation.

(f)

This adjustment removes Unrealized Principal Investment Income 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,
		2024				2023				2022
		(Dollars in Thousands)
GAAP Unrealized Principal Investment Income (Loss)		$	380,591			$	(603,154	)		$	(1,563,849	)
Segment Adjustment			(108,723	)			9,853				328,320
Unrealized Principal Investment Income (Loss)		$	271,868			$	(593,301	)		$	(1,235,529	)

(g)	This adjustment removes Other Revenues on a segment basis. The Segment Adjustment represents the removal of certain Transaction-Related and Non-Recurring Items.

		Year Ended December 31,
		2024				2023				2022
		(Dollars in Thousands)
GAAP Other Revenue		$	123,693			$	(92,929	)		$	184,557
Segment Adjustment			(527	)			(154	)			(803	)
Other Revenues		$	123,166			$	(93,083	)		$	183,754

(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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		Blackstone and General Partner (a)								Senior Managing Directors and Certain Other Professionals (b)
Fund		Original Commitment				Remaining Commitment				Original Commitment				Remaining Commitment
		(Dollars in Thousands)
Private Equity
BCP V			629,356				30,642				—				—
BCP VI			719,718				81,400				250,000				28,275
BCP VII			500,000				30,128				225,000				13,557
BCP VIII			500,000				154,646				225,000				69,590
BCP IX			500,000				500,000				225,000				225,000
BEP I			50,000				4,728				—				—
BEP II			80,000				12,018				26,667				4,006
BEP III			80,000				32,198				26,667				10,733
BETP IV			80,000				80,000				26,667				26,667
BCEP I			117,747				27,016				18,992				4,358
BCEP II			160,000				98,311				32,640				20,055
BCP Asia I			40,000				5,869				13,333				1,956
BCP Asia II			100,000				70,478				33,333				23,493
Tactical Opportunities			492,772				196,071				164,257				65,357
Secondaries			1,501,922				702,125				1,166,636				563,675
BIP			428,876				74,227				—				—
BXLS			173,414				100,269				37,350				21,298
BXG			166,154				106,351				54,607				34,829
Other (c)			290,209				29,163				—				—
Total Private Equity			6,610,168				2,335,640				2,526,149				1,112,849
Credit & Insurance
Mezzanine / Opportunistic II			120,000				29,059				110,101				26,662
Mezzanine / Opportunistic III			130,783				34,664				98,118				26,006
Mezzanine / Opportunistic IV			122,000				57,092				115,979				54,275
Mezzanine / Opportunistic V			63,252				63,252				21,084				21,084
Stressed / Distressed II			125,000				51,695				119,878				49,576
Stressed / Distressed III			151,000				93,648				146,432				90,815
Energy I			80,000				36,700				75,445				34,611
Energy II			150,000				103,458				149,036				102,793
Green Energy III			127,000				98,481				119,036				92,305
Energy SMAs			53,937				25,956				2,528				1,130
European Senior Debt I			63,000				5,084				56,882				4,590
European Senior Debt II			92,288				32,492				89,599				31,589
European Senior Debt III			23,870				13,715				7,957				4,572
Credit Alpha Fund			52,102				19,752				50,670				19,209
Credit Alpha Fund II			25,500				12,550				24,385				12,001
Direct Lending SMAs			87,253				52,556				16,328				8,887
Other (c)			77,923				26,264				34,985				4,308
Total Credit & Insurance			1,544,908				756,415				1,238,443				584,413

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		Blackstone and General Partner (a)								Senior Managing Directors and Certain Other Professionals (b)
Fund		Original Commitment				Remaining Commitment				Original Commitment				Remaining Commitment
		(Dollars in Thousands)
Multi-Asset Investing
Strategic Alliance II			50,000				1,482				—				—
Strategic Alliance III			22,000				23,617				—				—
Strategic Alliance IV			15,000				10,712				—				—
Dislocation			20,000				12,322				—				—
Other (c)			4,775				2,240				—				—
Total Multi-Asset Investing			111,775				50,373				—				—
Other
Treasury (d)			2,758,552				2,563,381				—				—
		$	13,491,809			$	6,379,912			$	4,554,166			$	1,944,432

(a)

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. Additionally, 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. Remaining commitment may exceed original commitment due to recallable capital.

(b)

Includes the full portion of our commitments (1) required to be funded by senior managing directors and certain other professionals and (2) that are elected by such individuals to be funded for the life of a fund, where such fund permits such election. Excludes amounts that are elected by such individuals to be funded on an annual basis and certain de minimis commitments funded by such individuals in certain carry funds.

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

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

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Senior Notes (a)		Aggregate Principal Amount (Dollars/Euros in Thousands)
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
5.000%, Due 12/6/2034 (b)		$	750,000
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
		$	11,320,800

(a)

The Notes are unsecured and unsubordinated obligations of the Issuers, as applicable, and are fully and unconditionally guaranteed, jointly and severally, by Blackstone Inc. and each of the Blackstone Holdings Partnerships (the “Guarantors”). The Notes contain customary covenants and financial restrictions that, among other things, limit the Issuers 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.

(b)

The Registered 2034 Notes’ Guarantors and Issuer, Blackstone Reg Finance Co. L.L.C. (collectively, the “Obligor Group”) do not have material assets, liabilities and results of operations, with the exception of certain amounts already disclosed in our consolidated financial statements (specifically, goodwill, the majority of our deferred tax assets, the Tax Receivable Agreement liability and the Registered 2034 Notes). Therefore, we have excluded the summarized financial information for the Obligor Group due to management’s belief that such summarized financial information would be repetitive and would not provide material information to investors. For additional information see “— Notable Transactions” and Note 12. “Borrowings” in the “Notes to Consolidated Financial Statements” in “— Item 8. Financial Statements and Supplementary Data” of this filing.

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Contractual Obligations		2025				2026-2027				2028-2029				Thereafter				Total
		(Dollars in Thousands)
Operating Lease Obligations (a)		$	180,493			$	367,948			$	380,512			$	919,296			$	1,848,249
Purchase Obligations			126,174				148,459				19,991				976				295,600
Blackstone Operating Borrowings (b)			318,843				1,538,876				1,285,330				8,217,700				11,360,749
Interest on Blackstone Operating Borrowings (c)			422,762				825,184				714,130				3,368,535				5,330,611
Borrowings of Consolidated Blackstone Funds			—				—				—				99,419				99,419
Interest on Borrowings of Consolidated Blackstone Funds			—				15,662				15,662				14,032				45,356
Blackstone Funds Capital Commitments to Investee Funds (d)			127,215				—				—				—				127,215
Due to Certain Non-Controlling Interest Holders in Connection with Tax Receivable Agreements (e)			43,954				205,716				252,970				1,342,197				1,844,837
Unrecognized Tax Benefits, Including Interest and Penalties (f)			—				—				—				—				—
Blackstone Operating Entities Capital Commitments to Blackstone Funds and Other (g)			6,379,912				—				—				—				6,379,912
Consolidated Contractual Obligations			7,599,353				3,101,845				2,668,595				13,962,155				27,331,948
Borrowings of Consolidated Blackstone Funds			—				—				—				(99,419	)			(99,419	)
Interest on Borrowings of Consolidated Blackstone Funds			—				(15,662	)			(15,662	)			(14,032	)			(45,356	)
Blackstone Funds Capital Commitments to Investee Funds (d)			(127,215	)			—				—				—				(127,215	)
Blackstone Operating Entities Contractual Obligations		$	7,472,138			$	3,086,183			$	2,652,933			$	13,848,704			$	27,059,958

(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.

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(b)

Represents the principal amounts due on our senior notes and secured borrowings. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. For our secured borrowings we project prepayments based on the performance of the underlying assets and principal may be paid down in full prior to their stated maturity. As of December 31, 2024, we had no borrowings outstanding under the Revolving Credit Facility. In February 2025, we drew $900.0 million under the Revolving Credit Facility.

(c)

Represents interest to be paid over the maturity of our senior notes and secured borrowings. For our senior notes, we assume no pre-payments and the borrowings are held until their final maturity. For our secured borrowings, we project pre-payments based on the performance of the underlying assets with interest payments based on the estimated principal outstanding, inclusive of projected pre-payments. These amounts include commitment fees for unutilized borrowings under the Revolving Credit Facility.

(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 17. “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)

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 $250.9 million and interest of $87.3 million as of December 31, 2024; 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, 2024		$	6.8			$	1.9
Balance, December 31, 2023		$	—			$	3.9
Year Ended December 31, 2024
Average Daily Balance		$	56.8			$	3.7
Maximum Daily Balance		$	268.5			$	4.0

•

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.

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•

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.

•

0.35% to 1.50% of committed capital or invested capital during the investment period or subsequent to the investment period, respectively, for certain drawdown vehicles and co-investment vehicles,

•

0.40% to 1.25% of net asset value for other vehicles, including separately managed accounts, certain perpetual capital vehicles, drawdown vehicles, and co-investment vehicles, and

•

1.50% of BXMT’s net proceeds received from equity offerings and accumulated “distributable earnings” (which is generally equal to its GAAP net income excluding certain non-cash and other items), subject to certain adjustments.

•

0.40% to 1.75% of committed capital during the investment period or invested capital or gross investment value subsequent to the investment period for drawdown vehicles and certain co-investment vehicles,

•

0.50% to 1.75% of invested capital for separately managed accounts and certain co-investment vehicles, and

•

0.75% to 1.25% of net asset value for perpetual capital vehicles.

•

0.20% to 1.25% of net asset value or fair value of investments for certain separately managed accounts and open-ended vehicles,

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•

0.35% to 1.25% of net asset value or gross asset value of our BDCs and certain registered investment companies,

•

0.20% to 0.50% of the aggregate par amount of collateral assets, including principal cash, for CLO vehicles, and

•

0.20% to 1.50% of invested capital for drawdown vehicles and certain separately managed accounts.

•

0.20% to 1.50% of net asset value for all vehicles.

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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 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. In cases where the Blackstone Funds are determined to be the customer in the arrangement, placement fees are generally expensed as incurred. Blackstone may also pay ongoing investor servicing fees to certain distributors of its products. Where Blackstone is the principal in those arrangements, ongoing investor servicing fees are expensed as incurred and are recorded within General, Administrative and Other expense.

Accrued but unpaid Management and Advisory Fees, net of management fee reductions and management fee offsets, as of the reporting date are included in 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 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.

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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)

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 are made to the general partner based either on cumulative fund performance to date, subject to a preferred return to limited partners or 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, 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.

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.

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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)

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 consolidated collateralized loan obligations (“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. Notes issued by consolidated CLO vehicles are classified within Level II of the fair value hierarchy.

•

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 private investments in the equity of operating companies, real estate properties, distressed debt and non-investment grade residual interests in securitizations, investments in non-consolidated CLOs and certain over-the-counter derivatives where the fair value is based on unobservable inputs. For certain investments where the fair value is not readily determinable, net asset value (“NAV”) is applied as a practical expedient.

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.

Level II Valuation Techniques

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

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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 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.

•

Notes issued by consolidated CLO vehicles are measured based on the more observable fair value of CLO assets less (a) the fair value of any beneficial interests held by Blackstone, and (b) the carrying value of any beneficial interests that represent compensation for services.

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 and investments in non-consolidated CLO vehicles.

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 and considerations. The methods used to estimate the fair value of real estate investments include the discounted cash flow method, where value is calculated by discounting the estimated cash flows and the estimated terminal value of the subject investment by the assumed buyer’s weighted-average cost of capital. A terminal value is derived by reference to an exit multiple, such as for estimates of earnings before interest, taxes, depreciation and amortization (“EBITDA”), or a capitalization rate, such as for estimates of net operating income (“NOI”). Valuations may also be derived by the performance multiple or market approach, by reference to observable valuation measures for comparable companies or assets (for example, dividing NOI by a relevant capitalization rate observed for comparable companies or transactions), adjusted by management for differences between the investment and the referenced comparables.

Private Equity Investments

— The fair values of private equity investments are determined by reference to projected net earnings, EBITDA, 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. The methods used to estimate the fair value of private equity investments include the discounted cash flow method. 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 generally estimated using yields of publicly traded debt instruments issued by companies operating in similar industries as the subject investment or based on changes in credit spreads of a broader benchmark index applicable to a subject investment.

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 in accordance with the GAAP guidance on investment companies, and under the American Institute of Certified Public Accountants Audit and Accounting Guide,

Investment Companies

, and reflect their investments, including majority-owned and controlled investments, 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).

Certain 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 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 and credit-focused 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 the assets of consolidated CLO vehicles. As permitted under GAAP, Blackstone measures notes issued by consolidated CLO vehicles as (a) the sum of the fair value of the consolidated CLO assets and the carrying value of any non-financial assets held temporarily, less (b) the sum of the fair value of any beneficial interests retained by Blackstone (other than those that represent compensation for services) and Blackstone’s carrying value of any beneficial interests that represent compensation for services. As a result of this measurement alternative, there is no attribution of amounts to Non-Controlling Interests for consolidated CLO vehicles. Assets of the consolidated CLOs are presented within Investments within the Consolidated Statements of Financial Condition and notes payable within Loans Payable for the amounts due to unaffiliated third parties. Changes in the fair value of consolidated CLO assets and liabilities and related interest, dividend and other income are presented within Net Gains (Losses) from Fund Investment Activities. Expenses of consolidated CLO vehicles are presented in Fund Expenses.

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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 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, quoted prices that are published on a regular basis and are the basis for current transactions 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 6. “Fair Value Option.”

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.

Certain investments of Blackstone and the consolidated Blackstone funds are valued at NAV per share pursuant to the practical expedient. 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.

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.

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 generally include both a proportionate and disproportionate allocation of the profits and losses (as is the case with 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 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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Blackstone Inc.

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 and Due from Affiliates

Accounts Receivable and Due from Affiliates is comprised of management and incentive fees receivable from limited partners, receivables from managed investment vehicles and portfolio companies, placement and advisory fees receivables, receivables relating to unsettled sale transactions and loans extended to affiliates and 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 in 2017, Clarus Ventures LLC in 2018 and DCI LLC 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 than their respective carrying values.

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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 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, furniture and fittings and other fixed assets were the lesser of the lease term or the life of the asset, the lesser of seven years or the lease term, or

three

to five years , respectively. 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 denominated in currencies other than 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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Blackstone Inc.

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

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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)

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 14. “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. Cash paid for transferrable tax credits is reflected in Payments for Income Taxes in the Consolidated Statements of Cash Flows.

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. Accrued interest and penalties related to unrecognized tax benefits are reported on the related liability line in the consolidated financial statements.

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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)

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 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”), generally comprised 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 within Accounts Payable, Accrued Expenses and Other Liabilities 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 included in Note 9. “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 11. “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 within Accounts Payable, Accrued Expenses and Other Liabilities in the Consolidated Statements of Financial Condition.

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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)

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 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 (Losses) 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 5. “Derivative Financial Instruments.”

Blackstone’s disclosures regarding offsetting are discussed in Note 11. “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.

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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)

Partnership Investments

Blackstone recognized net gains related to its Partnership Investments accounted for under the equity method of $ 605.4 million, $ 245.8 million and $ 292.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The summarized financial information of Blackstone’s equity method investments for December 31, 2024 are as follows:

		December 31, 2024 and the Year Then Ended
		Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total
Statement of Financial Condition
Assets
Investments		$	270,306,524			$	226,288,905			$	120,658,563			$	33,758,058			$	651,012,050
Other Assets			14,990,868				7,948,890				6,511,331				2,409,862				31,860,951
Total Assets		$	285,297,392			$	234,237,795			$	127,169,894			$	36,167,920			$	682,873,001
Liabilities and Equity
Debt		$	112,085,824			$	27,581,552			$	49,403,806			$	266,931			$	189,338,113
Other Liabilities			6,752,800				3,773,648				4,680,341				645,001				15,851,790
Total Liabilities			118,838,624				31,355,200				54,084,147				911,932				205,189,903
Equity			166,458,768				202,882,595				73,085,747				35,255,988				477,683,098
Total Liabilities and Equity		$	285,297,392			$	234,237,795			$	127,169,894			$	36,167,920			$	682,873,001
Statement of Operations
Interest Income		$	4,539,867			$	697,624			$	9,567,357			$	204,281			$	15,009,129
Other Income			10,702,305				2,618,913				1,151,506				10,959				14,483,683
Interest Expense			( 7,581,761	)			( 1,718,896	)			( 2,913,721	)			( 10,922	)			( 12,225,300	)
Other Expenses			( 11,570,892	)			( 2,223,931	)			( 2,020,440	)			( 153,459	)			( 15,968,722	)
Net Realized and Unrealized Gain (Loss) from Investments			( 4,805,753	)			23,076,302				2,056,892				3,621,672				23,949,113
Net Income (Loss)		$	( 8,716,234	)		$	22,450,012			$	7,841,594			$	3,672,531			$	25,247,903

1

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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, 2023 are as follows:

		December 31, 2023 and the Year Then Ended
		Real Estate				Private Equity				Credit & Insurance				Multi-Asset Investing				Total
Statement of Financial Condition
Assets
Investments		$	283,919,193			$	196,798,070			$	91,574,839			$	30,667,406			$	602,959,508
Other Assets			12,496,703				5,514,318				4,995,562				4,354,754				27,361,337
Total Assets		$	296,415,896			$	202,312,388			$	96,570,401			$	35,022,160			$	630,320,845
Liabilities and Equity
Debt		$	113,462,431			$	22,205,324			$	37,327,026			$	179,610			$	173,174,391
Other Liabilities			7,365,824				2,791,378				4,008,215				3,145,046				17,310,463
Total Liabilities			120,828,255				24,996,702				41,335,241				3,324,656				190,484,854
Equity			175,587,641				177,315,686				55,235,160				31,697,504				439,835,991
Total Liabilities and Equity		$	296,415,896			$	202,312,388			$	96,570,401			$	35,022,160			$	630,320,845
Statement of Operations
Interest Income		$	4,673,775			$	1,779,971			$	8,890,426			$	20,995			$	15,365,167
Other Income			10,786,480				1,130,841				324,061				382,840				12,624,222
Interest Expense			( 6,614,272	)			( 1,340,522	)			( 2,583,654	)			( 5,872	)			( 10,544,320	)
Other Expenses			( 11,705,874	)			( 2,631,916	)			( 1,691,066	)			( 273,193	)			( 16,302,049	)
Net Realized and Unrealized Gain (Loss) from Investments			( 7,330,220	)			12,955,425				1,124,916				2,579,602				9,329,723
Net Income (Loss)		$	( 10,190,111	)		$	11,893,799			$	6,064,683			$	2,704,372			$	10,472,743

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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)

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

		Year Ended December 31,
		2024				2023				2022
Total Segment Management and Advisory Fees, Net		$	7,133,534			$	6,663,244			$	6,282,946
Total Segment Fee Related Performance Revenues			2,135,945				858,527				1,449,497
Total Segment Realized Performance Revenues			2,287,031				2,061,102				4,461,338
Total Segment Realized Principal Investment Income			92,526				110,932				396,256
Total Segment Revenues		$	11,649,036			$	9,693,805			$	12,590,037

(h)	This adjustment removes Unrealized Performance Allocations Compensation.

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

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

(k)	This adjustment removes the amortization of transaction-related intangibles, which are excluded from Blackstone’s segment presentation.

(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,
		2024				2023				2022
Total Segment Fee Related Compensation		$	2,739,322			$	2,088,110			$	2,330,775
Total Segment Realized Performance Compensation			951,246				896,017				1,814,097
Total Segment Other Operating Expenses			1,248,092				1,084,333				989,023
Total Segment Expenses		$	4,938,660			$	4,068,460			$	5,133,895

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, 2024, 2023 and 2022:

		Year Ended December 31,
		2024				2023				2022
Management and Advisory Fees, Net
GAAP		$	7,188,936			$	6,671,260			$	6,303,315
Segment Adjustment (a)			( 55,402	)			( 8,016	)			( 20,369	)
Total Segment		$	7,133,534			$	6,663,244			$	6,282,946

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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)

		Year Ended December 31,
		2024				2023				2022
GAAP Realized Performance Revenues to Total Segment Fee Related Performance Revenues
GAAP
Incentive Fees		$	964,178			$	695,171			$	525,127
Investment Income — Realized Performance Allocations			3,457,746				2,223,841				5,381,640
GAAP			4,421,924				2,919,012				5,906,767
Total Segment
Less: Realized Performance Revenues			( 2,287,031	)			( 2,061,102	)			( 4,461,338	)
Segment Adjustment (b)			1,052				617				4,068
Total Segment		$	2,135,945			$	858,527			$	1,449,497

		Year Ended December 31,
		2024				2023				2022
GAAP Compensation to Total Segment Fee Related Compensation
GAAP
Compensation		$	3,048,229			$	2,785,447			$	2,569,780
Incentive Fee Compensation			373,586				281,067				207,998
Realized Performance Allocations Compensation			1,432,217				900,859				2,225,264
GAAP			4,854,032				3,967,373				5,003,042
Total Segment
Less: Realized Performance Compensation			( 951,246	)			( 896,017	)			( 1,814,097	)
Less: Equity-Based Compensation — Fee Related Compensation			( 1,143,054	)			( 946,575	)			( 772,170	)
Less: Equity-Based Compensation — Performance Compensation			( 16,068	)			( 12,899	)			( 9,920	)
Segment Adjustment (c)			( 4,342	)			( 23,772	)			( 76,080	)
Total Segment		$	2,739,322			$	2,088,110			$	2,330,775

		Year Ended December 31,
		2024				2023				2022
GAAP General, Administrative and Other to Total Segment Other Operating Expenses
GAAP		$	1,361,909			$	1,117,305			$	1,092,671
Segment Adjustment (d)			( 113,817	)			( 32,972	)			( 103,648	)
Total Segment		$	1,248,092			$	1,084,333			$	989,023

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Item 8A.

Unaudited Supplemental Presentation of Statements of Financial Condition

		December 31, 2024
		Consolidated Operating Partnerships				Consolidated Blackstone Funds (a)				Reclasses and Eliminations				Consolidated
Assets
Cash and Cash Equivalents		$	1,972,140			$	—			$	—			$	1,972,140
Cash Held by Blackstone Funds and Other			—				204,052				—				204,052
Investments			26,791,383				3,890,732				(881,549	)			29,800,566
Accounts Receivable			191,937				45,993				—				237,930
Due from Affiliates			5,436,866				21,089				(48,640	)			5,409,315
Intangible Assets, Net			165,243				—				—				165,243
Goodwill			1,890,202				—				—				1,890,202
Other Assets			938,052				9,807				—				947,859
Right-of-Use Assets			838,620				—				—				838,620
Deferred Tax Assets			2,003,948				—				—				2,003,948
Total Assets		$	40,228,391			$	4,171,673			$	(930,189	)		$	43,469,875
Liabilities and Equity
Loans Payable		$	11,233,468			$	87,488			$	—			$	11,320,956
Due to Affiliates			2,582,178				276,789				(50,819	)			2,808,148
Accrued Compensation and Benefits			6,087,700				—				—				6,087,700
Operating Lease Liabilities			965,742				—				—				965,742
Accounts Payable, Accrued Expenses and Other Liabilities			2,723,551				68,763				—				2,792,314
Total Liabilities			23,592,639				433,040				(50,819	)			23,974,860
Redeemable Non-Controlling Interests in Consolidated Entities			1				801,398				—				801,399
Equity
Common Stock			7				—				—				7
Series I Preferred Stock			—				—				—				—
Series II Preferred Stock			—				—				—				—
Additional Paid-in-Capital			7,444,561				878,014				(878,014	)			7,444,561
Retained Earnings			808,079				1,356				(1,356	)			808,079
Accumulated Other Comprehensive Loss			(20,590	)			(19,736	)			—				(40,326	)
Non-Controlling Interests in Consolidated Entities			4,077,342				2,077,601				—				6,154,943
Non-Controlling Interests in Blackstone Holdings			4,326,352				—				—				4,326,352
Total Equity			16,635,751				2,937,235				(879,370	)			18,693,616
Total Liabilities and Equity		$	40,228,391			$	4,171,673			$	(930,189	)		$	43,469,875

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		December 31, 2023
		Consolidated Operating Partnerships				Consolidated Blackstone Funds (a)				Reclasses and Eliminations				Consolidated
Assets
Cash and Cash Equivalents		$	2,955,866			$	—			$	—			$	2,955,866
Cash Held by Blackstone Funds and Other			—				316,197				—				316,197
Investments			22,595,236				4,319,483				(768,097	)			26,146,622
Accounts Receivable			186,370				6,995				—				193,365
Due from Affiliates			4,498,250				13,901				(45,630	)			4,466,521
Intangible Assets, Net			201,208				—				—				201,208
Goodwill			1,890,202				—				—				1,890,202
Other Assets			944,078				770				—				944,848
Right-of-Use Assets			841,307				—				—				841,307
Deferred Tax Assets			2,331,394				—				—				2,331,394
Total Assets		$	36,443,911			$	4,657,346			$	(813,727	)		$	40,287,530
Liabilities and Equity
Loans Payable		$	10,616,937			$	687,122			$	—			$	11,304,059
Due to Affiliates			2,273,008				220,758				(100,356	)			2,393,410
Accrued Compensation and Benefits			5,247,766				—				—				5,247,766
Operating Lease Liabilities			989,823				—				—				989,823
Accounts Payable, Accrued Expenses and Other Liabilities			1,886,086				391,172				—				2,277,258
Total Liabilities			21,013,620				1,299,052				(100,356	)			22,212,316
Redeemable Non-Controlling Interests in Consolidated Entities			9				1,179,064				—				1,179,073
Equity
Common Stock			7				—				—				7
Series I Preferred Stock			—				—				—				—
Series II Preferred Stock			—				—				—				—
Additional Paid-in-Capital			6,175,190				701,792				(701,792	)			6,175,190
Retained Earnings			660,734				11,579				(11,579	)			660,734
Accumulated Other Comprehensive Income (Loss)			(36,175	)			17,042				—				(19,133	)
Non-Controlling Interests in Consolidated Entities			3,728,438				1,448,817				—				5,177,255
Non-Controlling Interests in Blackstone Holdings			4,902,088				—				—				4,902,088
Total Equity			15,430,282				2,179,230				(713,371	)			16,896,141
Total Liabilities and Equity		$	36,443,911			$	4,657,346			$	(813,727	)		$	40,287,530

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

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*	Consolidated as of December 31, 2024 only

**	Consolidated as of December 31, 2023 only

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Item 9.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9A.

Controls and Procedures

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Item 9B.

Other Information

Item 9C.

Disclosures Regarding Foreign Jurisdictions that Prevent Inspections

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Item 10.

Directors, Executive Officers and Corporate Governance

Name		Age		Position
Stephen A. Schwarzman		78		Co-Founder, Chairman and Chief Executive Officer and Director
Jonathan D. Gray		55		President, Chief Operating Officer and Director
Michael S. Chae		56		Vice Chairman and Chief Financial Officer
John G. Finley		68		Chief Legal Officer
Vikrant Sawhney		54		Chief Administrative Officer and Global Head of Institutional Client Solutions
Joseph P. Baratta		54		Director
James W. Breyer		63		Director
Reginald J. Brown		57		Director
Rochelle B. Lazarus		77		Director
William G. Parrett		79		Director
Ruth Porat		67		Director

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Item 11.

Executive Compensation

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Executive		Title
Stephen A. Schwarzman		Co-Founder, Chairman and Chief Executive Officer
Jonathan D. Gray		President and Chief Operating Officer
Michael S. Chae		Vice Chairman and Chief Financial Officer
John G. Finley		Chief Legal Officer
Vikrant Sawhney		Chief Administrative Officer and Global Head of Institutional Client Solutions

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Name and Principal Position		Year				Salary				Bonus (a)				Stock Awards (b)				All Other Compensation (c)				Total
Stephen A. Schwarzman			2024			$	350,000			$	—			$	—			$	83,677,074			$	84,027,074
Chairman and			2023			$	350,000			$	—			$	—			$	119,434,375			$	119,784,375
Chief Executive Officer			2022			$	350,000			$	—			$	—			$	252,772,146			$	253,122,146
Jonathan D. Gray			2024			$	350,000			$	—			$	32,821,208			$	44,141,580			$	77,312,788
President and			2023			$	350,000			$	—			$	37,504,034			$	87,484,093			$	125,338,127
Chief Operating Officer			2022			$	350,000			$	—			$	54,581,040			$	241,541,158			$	296,472,198
Michael S. Chae			2024			$	350,000			$	—			$	15,911,823			$	5,224,642			$	21,486,465
Vice Chairman and			2023			$	350,000			$	4,296,409			$	12,128,412			$	9,606,467			$	26,381,288
Chief Financial Officer			2022			$	350,000			$	3,179,404			$	14,586,650			$	17,909,803			$	36,025,856
John G. Finley			2024			$	350,000			$	3,382,867			$	11,377,132			$	2,043,192			$	17,153,191
Chief Legal Officer			2023			$	350,000			$	3,091,991			$	11,315,977			$	3,150,580			$	17,908,548
			2022			$	350,000			$	2,863,548			$	12,316,037			$	6,681,266			$	22,210,851
Vikrant Sawhney			2024			$	350,000			$	—			$	13,298,294			$	8,571,538			$	22,219,832
Chief Administrative Officer and Global Head of Institutional Client Solutions			2023			$	350,000			$	3,107,641			$	10,272,784			$	11,343,099			$	25,073,524

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

The amount reported as “bonus” for 2024 for Mr. Gray, Mr. Chae, Mr. Finley and Mr. Sawhney is shown net of their mandatory deferral pursuant to the Bonus Deferral Plan. The deferred amounts for 2024 were as follows: Mr. Gray, $7,650,000, Mr. Chae, $6,150,000, Mr. Finley, $2,267,133 and Mr. Sawhney $4,400,000. For additional information on the Bonus Deferral Plan, see “— Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards in 2024 — Terms of Deferred Restricted Common Stock Units Granted Under the Bonus Deferral Plan in 2025 and Prior Years.”

(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.”

Amounts reported for 2024 reflect the following deferred restricted common stock units granted on January 10, 2025, for the 2024 performance under the Bonus Deferral Plan: Mr. Gray, 41,801 deferred restricted common stock units with a grant date fair value of $6,890,895, Mr. Chae, 33,604 deferred restricted common stock units with a grant date fair value of $5,539,619, Mr. Finley, 12,388 deferred restricted common stock units with a grant date fair value of $2,042,162 and Mr. Sawhney, 24,042 deferred restricted common stock units with a grant date fair value of $3,963,324. The grant date fair value of these equity awards is computed in accordance with GAAP and generally differs from the dollar amount of such awards. For additional information on the Bonus Deferral Plan, see “— Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards in 2024 — Terms of Deferred Restricted Common Stock Units Granted Under the Bonus Deferral Plan.”

(c)

Amounts reported for 2024 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 2024 as follows: $71,857,251 for Mr. Schwarzman, $43,309,973 for Mr. Gray, $5,137,289 for Mr. Chae, $2,008,251 for Mr. Finley and $8,484,185 for Mr. Sawhney. 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 2024, 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

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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 2024 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.

To the extent compensation expense recorded by us on an accrual basis in respect of carried interest or incentive fee allocations (rather than cash or in-kind distributions) were to be included for 2024, the amounts would be $130,489,569 for Mr. Schwarzman, $55,624,994 for Mr. Gray, $9,776,156 for Mr. Chae, $3,882,981 for Mr. Finley and $15,824,232 for Mr. Sawhney. For financial statement reporting purposes, the accrual of compensation expense is equal to the amount of carried interest and incentive fees related to performance fee revenues as of the last day of the relevant period as if the performance fee revenues in the funds generating such carried interest or incentive fees were realized as of the last day of the relevant period.

Amounts shown for 2024 also include the value of restricted shares of listed common stock of BXMT allocated to our named executive officers based on the closing price of BXMT’s common stock on the date of the award as follows: $789,606 for Mr. Schwarzman, $831,607 for Mr. Gray, $87,353 for Mr. Chae, $34,941 for Mr. Finley and 87,353 for Mr. Sawhney. These restricted BXMT shares will vest over three years with one-sixth of the shares vesting at the end of the second quarter after the date of the award and the remaining shares vesting in ten equal quarterly installments thereafter. With the exception of $11,030,216 of expenses related to security services in 2024 for Mr. Schwarzman and members of his family, there were no perquisites or other personal benefits provided to the other named executive officers for which the aggregate incremental cost to the Company exceeded $10,000, and information regarding any such perquisites or other personal benefits has therefore not been included. As noted above under “— Compensation Discussion and Analysis — Compensation Elements for Named Executive Officers — Other Benefits,” we consider the expenses for security services for Mr. Schwarzman to be for our benefit and appropriate business expenses rather than personal benefits for Mr. Schwarzman. Mr. Schwarzman makes business and personal use of a car and driver and he and members of his family may also make occasional business and personal use of an airplane in which we have a fractional interest. In each case, he bears the full cost of such personal usage. In addition, certain Blackstone personnel administer personal matters for Mr. Schwarzman and members of his family and certain matters for the Stephen A. Schwarzman Education Foundation (“SASEF”) and the Stephen A. Schwarzman Foundation (“SASF”), and Mr. Schwarzman, SASEF and SASF, as applicable, respectively, bear the full incremental cost to us of such personnel, if any. There is no incremental expense incurred by us in connection with the use of any car and driver, airplane or personnel by Mr. Schwarzman, as described above.

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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			4/1/2024				197,896	(a)		$	25,930,313
			1/10/2025				41,801	(b)		$	6,890,895
Michael S. Chae			4/1/2024				79,159	(a)		$	10,372,204
			1/10/2025				33,604	(b)		$	5,539,619
John G. Finley			4/1/2024				71,243	(a)		$	9,334,970
			1/10/2025				12,388	(b)		$	2,042,162
Vikrant Sawhney			4/1/2024				71,243	(a)		$	9,334,970
			1/10/2025				24,042	(b)		$	3,963,324

(a)	Represents deferred restricted common stock units granted in 2024 under our 2007 Equity Incentive Plan for 2023 performance.

(b)	Represents deferred restricted common stock units granted in 2025 under the Bonus Deferral Plan for 2024 performance. These grants are reflected in the “Stock Awards” column of the Summary Compensation Table in 2024.

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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			1,561,967			$	268,997,917
Michael S. Chae (c)			468,845			$	80,583,873
John G. Finley (c)			372,811			$	64,186,295
Vikrant Sawhney			437,999			$	75,337,790

(a)

The references to “stock” or “shares” in this table refer to unvested deferred restricted common stock units (including deferred restricted common stock units granted under the Bonus Deferral Plan to Messrs. Gray, Chae, Finley and Sawhney in 2025 in respect of 2024 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 2024” above.

(b)

The dollar amounts shown under this column were calculated by multiplying the number of unvested deferred restricted common stock units held by the named executive officer by the closing market price of $172.42 per share of our common stock on December 31, 2024, the last trading day of 2024, other than the deferred restricted common stock units granted in 2025 in respect of 2024 performance, which are valued as of the date of their grant.

(c)

Amounts reported for Messrs. Chae and Finley include (1) 190,796 and 156,192 deferred restricted common stock units, respectively, which reflects 50% of the unvested deferred restricted common stock units that have been granted to Messrs. Chae and Finley as discretionary equity awards and (2) 87,253 and 60,427 deferred restricted common stock units, respectively, granted to Messrs. Chae and Finley 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 the Tier I retirement eligibility of Messrs. Chae and Finley as of December 31, 2024. Upon retirement 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			880,149			$	108,671,755
Michael S. Chae			335,080			$	41,317,524
John G. Finley			124,493			$	15,496,893
Vikrant Sawhney			136,312			$	16,876,189

(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
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”).
Non-solicitation of Blackstone employees		Two years after termination of employment.		Two years after termination of employment.
Non-solicitation of Blackstone clients or investors		Two years after termination of employment.		One year after termination of employment.
Non-interference with business relationships		Two years after termination of employment.		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 (c)		$	130,952			$	207,865			$	338,818
Joseph P. Baratta (d)		$	—			$	—			$	—
James W. Breyer		$	150,000			$	211,568			$	361,568
Reginald J. Brown		$	150,000			$	211,968			$	361,968
Rochelle B. Lazarus		$	150,000			$	210,542			$	360,542
The Right Honorable Brian Mulroney(e)		$	25,000			$	—			$	25,000
William G. Parrett		$	180,000			$	220,405			$	400,405
Ruth Porat		$	150,000			$	210,519			$	360,519

(a)

The references to “stock” in this table refer to our deferred restricted common stock units. Amounts for 2024 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 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 2024, 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 — 1,702 units; Mr. Breyer — 1,636 units; Mr. Brown — 1,402 units; Ms. Lazarus — 1,736 units; Mr. Parrett — 1,242 units; and Ms. Porat — 1,692 units.

		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)
James W. Breyer			1,636			$	282,079
Reginald J. Brown			1,402			$	241,733
Rochelle B. Lazarus			1,736			$	299,321
William G. Parrett			1,242			$	214,146
Ruth Porat			1,692			$	291,735

(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 $172.42 per share of our common stock on December 31, 2024, the last trading day of 2024.

(c)	Following her election as Governor of New Hampshire, Ms. Ayotte resigned from the Board effective November 14, 2024. Ms. Ayotte’s unvested equity awards were forfeited upon her resignation, pursuant to the terms thereof.

(d)	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.”

(e)	Mr. Mulroney served as a director of Blackstone until his passing on February 29, 2024. Mr. Mulroney’s unvested equity awards vested immediately upon his passing, pursuant to the terms thereof.

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•

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.

		Shares of Common Stock 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)			62,972,154				8.6	%			—				—
BlackRock, Inc. (c)			45,986,530				6.3	%			—				—
Directors and Named Executive Officers (d)(e)
Stephen A. Schwarzman (f)(g)			—				—				231,924,793				51.8	%
Jonathan D. Gray (g)			1,673,626				*				41,293,901				9.2	%
Michael S. Chae (g)			433,868				*				6,500,556				1.5	%
John G. Finley (g)			99,320				*				434,776				*
Vikrant Sawhney (g)			341,936				*				639,771				*
Joseph P. Baratta			373,962				*				6,614,245				1.5	%
Kelly Ayotte			16,514				*				—				—
James W. Breyer			38,905				*				—				—
Reginald J. Brown			16,949				*				—				—
Brian Mulroney			179,770				*				—				—
Rochelle B. Lazarus (g)			57,626				*				—				—
William G. Parrett (g)			91,781				*				—				—
Ruth Porat			43,712				*				—				—
All current executive officers and directors as a group (13 persons)			3,367,969				*				287,408,042				64.2	%

*	Less than one percent

(a)

Subject to certain requirements and restrictions, the partnership units of Blackstone Holdings are exchangeable for shares of our common stock on a one-for-one basis. A Blackstone Holdings limited partner must exchange one partnership unit in each of the five Blackstone Holdings Partnerships to effect

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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 13, 2024. 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 January 29, 2024. The address of BlackRock, Inc. is 50 Hudson Yards New York, NY 10001.

(d)

The shares of common stock 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 28, 2025: Mr. Gray – 1,449,292 deferred restricted common stock; Mr. Chae – 439,815 deferred restricted common stock; Mr. Finley – 347,728 deferred restricted common stock; Mr. Baratta – 467,588 deferred restricted common stock; Mr. Sawhney – 411,973 deferred restricted common stock; Mr. Parrett – 1,242 deferred restricted common stock; Ms. Lazarus – 1,736 deferred restricted common stock; Mr. Breyer – 1,636 deferred restricted common stock; Ms. Porat – 1,692 deferred restricted common stock; and Mr. Brown – 1,402 deferred restricted common stock.

(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 – 9,472,688 Blackstone Holdings Partnership Units; Mr. Gray – 11,619,691 Blackstone Holdings Partnership Units and 271,816 deferred restricted common units; Mr. Chae – 3,437,080 Blackstone Holdings Partnership Units and 71,230 deferred restricted common units; and Mr. Finley – 197,329 Blackstone Holdings Partnership Units and 51,797 deferred restricted common units; Mr. Baratta – 4,045,306 Blackstone Holdings Partnership Units and 373,962 deferred restricted common units; and Mr. Sawhney – 220,385 Blackstone Holdings Partnership Units and 151,664 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 – 3,686,266 units held in various trusts for which Mr. Schwarzman is the investment trustee, Mr. Gray – 5,204,356 units held in a trust for which Mr. Gray is the investment trustee, Mr. Chae – 1,150,070 units held in a trust for which Mr. Chae is the investment trustee, Mr. Finley – 80,964 units held in a trust for which Mr. Finley is the investment trustee, Mr. Baratta – 142,237 units held in a trust for which Mr. Baratta is the investment trustee, and Mr. Sawhney 104,000 units held in a trust for which Mr. Sawhney 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. Gray – 14,359,231 units, and (c) the following units held by a separate legal entity and for which the named executive officer maintains voting and investment control: Mr. Schwarzman – 1,438,529 units, Mr. Finley – 72,000 units, Mr. Baratta – 4,248,950 units,

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and Mr. Sawhney – 56,000 units. 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) 32,523 and 10,000 shares that have been pledged by Messrs. Finley and Parrett, respectively, to a third party to secure payment for a loan.

		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			54,575,634				—				161,555,099
Equity Compensation Plans Not Approved by Security Holders			—				—				—
			54,575,634				—				161,555,099

(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, 2024.

(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, 2025, pursuant to this formula, 174,967,230 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, 2024, 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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		Year Ended December 31, 2024
		Blackstone Inc.				Blackstone Entities, Principally Fund Related (c)				Blackstone Funds, Transaction Related (d)				Total
		(Dollars in Thousands)
Audit Fees		$	9,725	(a)		$	64,272			$	—			$	73,997
Audit-Related Fees			—				1,355				29,949				31,304
Tax Fees			802	(b)			97,582				11,260				109,644
All Other Fees			—				78				—				78
		$	10,527			$	163,287			$	41,209			$	215,023

		Year Ended December 31, 2023
		Blackstone Inc.				Blackstone Entities, Principally Fund Related (c)				Blackstone Funds, Transaction Related (d)				Total
		(Dollars in Thousands)
Audit Fees		$	9,914	(a)		$	59,323			$	—			$	69,237
Audit-Related Fees			—				226				15,966				16,192
Tax Fees			731	(b)			89,699				8,610				99,040
All Other Fees			—				—				—				—
		$	10,645			$	149,248			$	24,576			$	184,469

(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, 2021 filed with the SEC on February 25, 2022).
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).
4.47		Indenture dated as of December 6, 2024 among Blackstone Reg 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. and Blackstone Holdings IV L.P. and The Bank of New York Mellon Trust Company, N.A., 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 December 6, 2024).
4.48		First Supplemental Indenture dated as of December 6, 2024 among Blackstone Reg 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. and Blackstone Holdings IV L.P. and The Bank of New York Mellon Trust Company, N.A., 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 December 6, 2024).
4.49		Form of 5.000% Senior Note due 2034 (included in Exhibit 4.48 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, 2021 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).

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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)
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, 2023 filed with the SEC on February 23, 2024).
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).

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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).
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).

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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).
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).

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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 Form 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).

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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).
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).

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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).
10.61		Form of Amended and Restated Aircraft Dry Lease Agreement (N113CS) between 113CS LLC and Blackstone Administrative Services Partnership L.P. (incorporated herein by reference to Exhibit 10.61 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 24, 2023).
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 Exempted 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).

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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).
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 Exempted 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 Exempted 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).

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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, 2023 filed with the SEC on February 23, 2024).
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).
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, as further amended and restated as of June 3, 2022, and as further amended and restated as of December 15, 2023, 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 December 20, 2023).
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).

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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).
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).
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+		Second Amended and Restated Agreement of Limited Partnership of Strategic Partners Fund Solutions Associates VI L.P., dated as of May 23, 2023 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed with the SEC on August 4, 2023).
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).
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).
10.121		Form of Aircraft Dry Lease Agreement between GH4 Partners LLC and Blackstone Administrative Services Partnership L.P. (incorporated herein by reference to Exhibit 10.121 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 23, 2024).
10.122+		Amended and Restated Limited Partnership Agreement of BXGA GP L.P., dated as of November 3, 2023 and deemed effective as of July 15, 2020 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 3, 2023).

---

10.123+		Amended and Restated Exempted Limited Partnership Agreement of BMA Asia II GP L.P., dated November 3, 2023 and deemed effective from March 31, 2021 (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 3, 2023).
10.124+		Second Amended and Restated Limited Partnership Agreement of Blackstone Clarus GP L.P., dated as of November 3, 2023 and deemed effective as of November 30, 2018 (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 3, 2023).
10.125+		Amended and Restated Exempted Limited Partnership Agreement of BREA Asia III (Cayman) L.P., dated November 3, 2023 and deemed effective from September 27, 2021 (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 3, 2023).
10.126+		Amended and Restated Limited Partnership Agreement of BREA X (Delaware) L.P., dated as of November 3, 2023 and deemed effective as of May 4, 2022 (incorporated herein by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 3, 2023).
10.127+		Amended and Restated Limited Partnership Agreement of BTOA IV L.P., dated as of November 3, 2023 and deemed effective as of August 2, 2021 (incorporated herein by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC on November 3, 2023).
10.128+		Amended and Restated Limited Partnership Agreement of BMA IX GP L.P., dated as of May 3, 2024. (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed with the SEC on May 3, 2024).
10.129		Amended and Restated Agreement of Exempted Limited Partnership of BREA Europe VII (Cayman) L.P., dated as of May 3, 2024 and deemed effective as of June 30, 2023. (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed with the SEC on May 3, 2024).
10.130+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates GP Solutions L.P., dated as of November 1, 2024 and deemed effective as of June 16, 2021. (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.131+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Infrastructure IV L.P., dated November 1, 2024 and deemed effective as of December 11, 2023. (incorporated herein by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.132+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates IX L.P., dated as of November 1, 2024 and deemed effective as of October 7, 2021. (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).

---

10.133+		Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VIII L.P., dated as of November 1, 2024 and deemed effective as of May 3, 2022. (incorporated herein by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.134+		Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates – NC Real Asset Opportunities, L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023. (incorporated herein by reference to Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.135+		Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Infrastructure III L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023. (incorporated herein by reference to Exhibit 10.6 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.136+		Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates RA II L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023. (incorporated herein by reference to Exhibit 10.7 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.137+		Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VI L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023. (incorporated herein by reference to Exhibit 10.8 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.138+		Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates Real Estate VII L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023 (incorporated herein by reference to Exhibit 10.9 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.139+		Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VII L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023. (incorporated herein by reference to Exhibit 10.10 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.140+		Second Amended and Restated Limited Partnership Agreement of Strategic Partners Fund Solutions Associates VIII L.P., dated as of November 1, 2024 and deemed effective as of May 23, 2023. (incorporated herein by reference to Exhibit 10.11 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.141+		Amended and Restated Limited Partnership Agreement of Blackstone ETMA IV GP L.P., dated as of November 1, 2024 and deemed effective as of June 4, 2024 (incorporated herein by reference to Exhibit 10.12 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 1, 2024).
10.142*+		Omnibus Amendment to Certain GP Carry Plan Governing Agreements, dated as of January 23, 2025 and deemed effective as of January 1, 2025.
10.143*+		Form of Omnibus Amendment to Deferred Unit and Phantom Unit Agreement under Blackstone Inc. Amended and Restated 2007 Equity Incentive Plan.
10.144*+		Form of Deferred Unit Agreement under Blackstone Inc. Amended and Restated 2007 Equity Incentive Plan (2024).
10.145*+		Form of Deferred Unit Agreement under Blackstone Inc. Amended and Restated 2007 Equity Incentive Plan (Termination Vesting 2024).
10.146*		Form of Deferred Unit Agreement under Blackstone Inc. Amended and Restated 2007 Equity Incentive Plan (Blackstone Inc. Board of Directors).

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19.1*		Blackstone Inc. Securities Trading Policy and Procedures Governing Transactions in Blackstone Securities.
21.1*		Subsidiaries of the Registrant.
22.1*		Subsidiary Guarantors and Issuers of Registered Guaranteed Securities and Affiliates Whose Securities Collateralize Securities 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.
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.
97.1		Blackstone Inc. Incentive Compensation Clawback Policy (incorporated herein by reference to Exhibit 97.1 to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 23, 2024).
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.
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.

**	Furnished herewith.

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

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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/ James W. Breyer James W. Breyer, Director
/s/ Jonathan D. Gray Jonathan D. Gray, President, Chief Operating Officer and Director		/s/ Reginald J. Brown Reginald J. Brown, Director
/s/ Michael S. Chae Michael S. Chae, Vice Chairman and 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/ William G. Parrett William G. Parrett, Director
/s/ Joseph P. Baratta Joseph P. Baratta, Director		/s/ Ruth Porat Ruth Porat, Director