Blackstone (BX) 10-K risk factor changes: FY2025 vs FY2024

[added: Such conditions and/or events can adversely affect our business in many ways, including] reducing the ability of our funds to raise or deploy capital, reducing the value or performance of our funds’ investments and making it more difficult for our funds to exit and realize value from existing investments.

Further, although the equity markets are not the only means by which we exit investments, [removed: should we experience a period] [added: periods] of challenging equity [removed: markets,] [added: markets make it more difficult for] our funds [removed: may experience continued difficulty in realizing] [added: to realize] value from investments.

[removed: Economic slowdown may] [added: Such volatility can] contribute to [added: economic deceleration or contraction in the rate of growth in certain industries, sectors or geographies, and in turn,] poor financial results for our funds’ portfolio companies or [removed: assets, which may result in] [added: assets and] lower investment returns for our funds.

investors, have been adversely impacted [added: in recent years] by elevated interest rates and a [removed: high] [added: high, albeit declining,] cost of capital.

[removed: decrease, or a further increase,] [added: A slower-than-expected decrease] in interest rates would continue to present a challenge to real estate valuations.

Such factors are even more challenging in the life science office and traditional office market, as well as other properties with [added: long-term leases that do not provide for short-term rent increases.]

Geopolitical concerns and other global events outside of our control have [removed: also] contributed and may continue to contribute to volatile global equity and debt [removed: markets, particularly as geopolitical instability has in recent years become more prevalent.][added: markets.]

This [removed: may] [added: has] adversely [removed: impact our performance] [added: impacted,] and [added: may further adversely impact,] the performance of [added: certain of] our [removed: funds and their respective portfolio companies.][added: real estate funds.]

For example, periods of economic weakness have contributed and may in the future contribute to a decline in commodity prices and decreased consumer demand for certain goods and [removed: services (including energy),] [added: services,] and/or volatility in the oil and natural gas markets, each of which would have an adverse effect on our energy and consumer investments.

[added: In addition, slowing growth in certain markets and real estate sectors with excess near-term] supply, such as life [removed: sciences] [added: science] office and U.S. multifamily, has negatively impacted and may continue to negatively impact the valuations of assets in such sectors in the [added: near term.]

In addition, [removed: as] the governing agreements of our funds contain only limited requirements, if any, regarding diversification of fund investments (by, for example, sector or geographic [removed: region), during periods of economic slowdown in certain sectors or regions, the impact on our funds may be exacerbated by concentration of investments in such sectors or regions.][added: region).]

[removed: As a result,] [added: This could impact] our ability to raise new funds, [removed: as well as] [added: and adversely impact] our operating results and cash [removed: flows, could be adversely affected.][added: flows.]

[removed: High] [added: Sustained periods of high] interest rates and challenging debt market conditions [removed: have] negatively [removed: impacted and could continue to negatively] impact the values of certain assets or investments and the ability of our funds and their portfolio companies to access capital markets, which could adversely affect investment and realization opportunities, lead to lower-yielding investments and potentially decrease our net income.

Accordingly, [removed: significant] uncertainty remains regarding the timing and extent of future interest rate decreases.

Elevated interest rates [removed: create] [added: have in recent years created] downward pressure on the value of certain assets owned by our funds, including, among others, real estate and [added: fixed-rate debt.]

[removed: decrease, or a further increase in,] [added: A slower-than-expected decrease in] interest rates would continue to present a challenge for the valuations of such assets, as well as for fundraising in certain of our strategies targeting

In [removed: recent years, high] [added: addition, elevated] interest rates [removed: have increased] [added: increase] the cost of debt financing for the transactions our funds pursue.

For example, a portion of the indebtedness used to finance certain fund investments often includes [added: high-yield debt securities issued in the capital markets.]

[added: Availability of capital from the high-yield] debt markets is subject to significant volatility, and there may be times when we might not be able to access those markets at attractive rates, or at all, when completing an investment.

The fees we earn from our perpetual capital [removed: vehicles, including our Core+ real estate strategy,] [added: vehicles] represent a significant and growing portion of our overall revenues.

Any potential time delay associated with [removed: obtaining] approval may make it more difficult for our funds to deploy [removed: capital and] [added: capital, as well as to] exit and realize value from investments.

Further, [added: U.S. and] state [added: legislative and] regulatory [removed: agencies] [added: bodies] may impose restrictions on private funds’ investments in certain types of assets or industries, which could affect our funds’ ability to find attractive and diversified investments and to complete such investments in a timely manner.

For example, certain states have, and others may in the future, [removed: increase] [added: increased] state regulatory review measures of investments by private equity into the [added: patient-facing healthcare industry.]

Such [added: policies and] laws may impact the ability of our funds to invest in certain assets or sectors.

These include [added: the] timing of realizations, changes in the valuations of our funds’ investments, changes in the amount of distributions, dividends or interest paid in respect of investments, changes in our operating expenses and the degree to which we encounter competition.

For [removed: certain of our perpetual capital vehicles, including certain Core+ real estate funds, infrastructure focused funds, BCRED and other] [added: a number] of our perpetual capital [removed: vehicles,] [added: vehicles] that have in recent years become increasingly large contributors to our earnings, incentive income is paid to us in varying frequencies, ranging from quarterly to every five years.

If one of these vehicles experiences losses, we will not earn incentive income from it until it surpasses the previous [added: high-water mark.]

Our principal sources of cash are: (a) cash we received in connection with our prior bond offerings and other borrowings, (b) management fees, (c) realized incentive [removed: fees and] [added: fees,] (d) realized performance [removed: allocations, which is the sum of Realized Principal Investment Income] [added: allocations] and [removed: Realized Performance Revenues less Realized Performance Compensation.][added: (e) $4.325 billion revolving credit facility with a final maturity date of October 16, 2030 (the “Revolving Credit Facility”).]

Our long-term debt totaled [removed: $11.3] [added: $12.4] billion in borrowings from our prior bond issuances.

As of December 31, [removed: 2024,] [added: 2025,] we had no borrowings outstanding under the Revolving Credit Facility.

In February [removed: 2025,] [added: 2026,] we drew $900.0 million under the Revolving Credit Facility.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: $2.0] [added: $2.6] billion in Cash and Cash Equivalents, [removed: $1.1 billion] [added: $359.7 million] invested in Corporate Treasury Investments and [removed: $5.8] [added: $7.1] billion in Other Investments.

This could materially and adversely affect the amount of cash we have on hand, which could in turn require us to rely on other sources of [removed: cash, such as the capital markets, which may not be available to us on acceptable terms or at all for the above purposes.][added: cash.]

A decrease in the amount of cash we have on [removed: hand] [added: hand, or the unavailability of other sources of liquidity, such as debt capital markets or the Revolving Credit Facility,] could also materially and adversely affect our ability to pay dividends to our stockholders and make repurchases under our share repurchase program.

As a result, our uses of cash may exceed our sources of cash, thereby [removed: potentially] affecting our liquidity position.

[removed: Contributing capital to these investment funds is risky, and we] [added: We] may lose some or the entire principal amount of [removed: our] [added: these] investments, including, without limitation, as a result of poor investment performance in a challenging economic and market environment.

[removed: third-party][added: third-]

investors depends on a number of factors, such as [removed: economic and] [added: economic,] market [removed: conditions] (including the level of interest rates and stock market performance) and [added: geopolitical conditions, and] the asset allocation rules or investment policies to which such

investors to make investments in our funds or [removed: the] [added: make investment in certain] asset classes [removed: in which our funds invest.][added: or geographies less attractive to such investors.]

[removed: For example, lawmakers] [added: Lawmakers] across a number of [removed: states, including Pennsylvania and Florida,] [added: states] have put forth proposals or expressed intent to take steps to reduce or minimize the ability of their state pension funds to invest in alternative asset classes, including by proposing to increase the reporting or other obligations applicable to their state pension funds that invest in such asset classes.

Geopolitical instability has been prevalent in recent years, and 2025 was a year of significant geopolitical events, including, among others, trade tensions resulting from U.S. tariff implementation and retaliatory tariffs by other countries and ongoing armed conflicts in the Middle East and Ukraine.

Additionally, the economic outlook for 2026 remains uncertain.

Gradual decreases in interest rates during 2025, coupled with resilience in the U.S. economy, contributed to improved investor sentiment, stronger capital markets and increased transaction activity toward the end of 2025.

Nevertheless, inflation has remained above the U.S. Federal Reserve’s target level, and interest rates remain elevated.

Uncertainty regarding the further trajectory of inflation and interest rates creates the potential for volatility in debt and equity markets.

Accordingly, to the extent our funds’ investments are concentrated in sectors or geographies that experience more challenging fundamentals, the impact on our funds may be exacerbated.

Further, to the extent our funds’ investments are concentrated in sectors or geographies that have historically experienced strong fundamentals, an adverse shift in such fundamentals may make it more difficult for such funds to replicate their historic performance.

For example, our real estate and infrastructure funds have in recent years substantially increased their exposure to digital infrastructure investments, which has supported strong performance for such funds.

Such performance would be difficult to replicate if demand for digital infrastructure were substantially reduced, including as a result of economic slowdown or regulatory impediments.

Following three consecutive rate cuts, the U.S. Federal Reserve held interest rates steady in January 2026 and noted, among other matters, that it would continue to assess and monitor incoming information in considering additional adjustments.

Relatedly, slower-than-expected interest rate decreases have adversely impacted, and may continue to adversely impact, the ability to realize value from certain investments, such as in certain real estate sectors, given the potential adverse impact on equity prices and caution on the part of potential acquirers.

Conversely, in recent periods the performance of certain of our credit funds has benefited from elevated interest rates as a substantial majority of the portfolio is floating rate.

Accordingly, a decline in interest rates and/or widening of credit spreads would make it more difficult for such funds to replicate such strong performance.

This has also resulted in a substantial amount of capital available for deployment, including in such vehicles, and for which we must identify attractive deployment opportunities.

The U.S. Presidential administration issued an executive order in January 2026 seeking to restrict institutional investor ownership of single-family homes, and certain states have considered, and others may seek to enact, legislation aimed at doing so.

Market or currency volatility or perceived economic or geopolitical uncertainty or instability may contribute to decreased interest on the part of investors in allocating capital to certain asset classes or geographies in which our funds operate.

See “—Investors in a number of our vehicles may withdraw their investments, and investors in certain of our vehicles may have a right to terminate our management of, or cause the dissolution of, such vehicles, which would lead to a decrease in our

In addition, such terms could restrict our ability to raise investment funds with investment objectives or strategies that compete with existing funds, which could adversely impact our ability to expand our assets under management.

The continued expansion of the number and types of investment products we offer in the individual investor channel may make it more difficult to fundraise from the institutional investor channel to the extent institutional investors have concerns regarding such expansion, including with respect to potential or perceived conflicts of interest.

In addition, certain institutional investors may seek to condition a drawdown fund commitment on the imposition of limits on the ability of our individual investor channel-targeted funds to invest alongside such drawdown funds.

Moreover, if we are forced to compete with other

the products are distributed in a manner inconsistent with our regulatory requirements or otherwise inappropriate manner.

Our initiatives to expand our individual investor base, including marketing, creating and maintaining the types of products and vehicles that individual investors may invest in, may not be successful.

Further, in light of the August 2025 Executive Order on Democratizing Access to Alternative Assets for 401(k) Investors, there may be significant future opportunity for the alternative asset management industry to increase the distribution of products to individual investors.

Accordingly, we are likely to face significant competition in addressing such opportunity, which will require us to spend substantial time, effort and resources, and may not ultimately be successful in increasing distribution of our products in this channel.

The loss of the services of any key personnel could have a material adverse effect on

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the “OBBBA”), which makes significant changes to the U.S. Internal Revenue Code and other federal tax laws.

Among other changes, the OBBBA extends or reinstates many of the provisions enacted by the Tax Cuts and Jobs Act of 2017, including the tax rate brackets for individuals and capital expensing provisions, and significantly curtails many of the clean energy subsidies enacted by the Inflation Reduction Act of 2022.

How the OBBBA will be implemented will depend on future administrative guidance and court rulings.

The U.S. Congress may also pass additional tax reform legislation in the future.

However, on June 28, 2025, the Group of Seven (“G7”) countries announced a shared understanding for a

“side-by-side”

system under which U.S.-parented groups would be exempt from certain of the Pillar Two proposals.

While the details of such

“side-by-side”

In addition, the risk of cyber and data security threats to us is exacerbated with the advancement of artificial intelligence, which malicious third parties are using to create new, sophisticated and more frequent attacks.

investments.

S-P),

the General Data Protection Regulation (“GDPR”), the U.K. Data Protection Act, and the California Privacy Rights Act (“CPRA”).

The U.S. Department of Justice issued a rule, effective in 2025, that prohibits or restricts certain transactions involving the transfer of, and access to, bulk sensitive personal data to foreign persons connected with certain designated countries of concern, including China.

| --- | --- |

Such conditions and/or events can adversely affect our business in many ways, including

Although decelerating, inflation remains above the U.S. Federal Reserve’s target levels.

Despite multiple federal fund rate decreases over the course of 2024, interest rates have remained elevated, with the U.S. Federal Reserve indicating in early 2025 an expectation of slower rate decreases moving forward.

Periods of elevated inflation and high interest rates, such as that experienced in recent years, can contribute to significant volatility in debt and equity markets and economic deceleration or contraction in the rate of growth in certain industries, sectors or geographies.

slower-than-expected

long-term

leases that do not provide for

short-term

rent increases.

For example, in the U.S., the current Presidential administration has stated its intention to make governmental policy and regulatory changes in a variety of areas, including the imposition of tariffs or other trade barriers.

In that connection, certain countries subject to those changes have expressed an intent to impose similar measures in return.

Outside the U.S., ongoing wars in the Middle East and Ukraine, as well as concern as to whether China’s stimulus measures will effectively stabilize slowing economic growth in the country, have further contributed to global economic uncertainty and volatility in the global financial markets.

In addition, severe public health events, such as those caused by the

COVID-19

pandemic, may occur from time to time, and could directly and indirectly impact us in material respects that we are unable to predict or control, including by threatening our employees’

well-being

and morale and interrupting business activities.

In addition, related factors may materially and adversely affect us, including the effectiveness of governmental responses, the extension, amendment or withdrawal of any government programs or initiatives and the timing and speed of economic recovery.

Actions taken in response may contribute to significant volatility in the financial markets, resulting in increased volatility in equity prices, material interest rate changes, supply chain disruptions, such as simultaneous supply and demand shock to global, regional and national economies, and an increase in inflationary pressures.

In addition to the factors described above, other market, economic and geopolitical factors described herein that may adversely affect our business include, without limitation:

| | • | | higher prices for commodities or other goods, |

| --- | --- | --- | --- |

| | • | | economic slowdown or recession in the U.S. and internationally, |

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

| | • | | changes in law and/or regulation, and uncertainty regarding government and regulatory policy. |

In addition, slowing growth in certain markets and real estate sectors with excess

near-term

near-term.

A sustained high interest rate environment could increase the likelihood of an economic slowdown.

In addition, in recent years elevated inflation globally contributed to heightened costs of labor, energy and materials, which put profit margin pressure on certain of our funds’ portfolio companies and negatively impacted the performance of certain of such companies.

While inflation decelerated over 2024, profit margins may be pressured if inflation

re-accelerates,

particularly for companies that lack pricing power.

Such concentration may increase the risk that events affecting specific sectors, geographic regions or asset types could have an adverse or disparate impact on such funds, as compared to funds that invest more broadly.

Moreover, during periods of weakness, our funds’ portfolio companies may also have difficulty expanding their businesses and operations or meeting their debt service obligations or other expenses as they become due, including expenses payable to us.

Furthermore, negative market conditions could potentially result in a portfolio company entering bankruptcy proceedings.

This could result in a complete loss of the fund’s investment in such portfolio company and a significant negative impact to the fund’s performance and consequently to our operating results and cash flow, as well as to our reputation.

In addition, negative market conditions would also increase the risk of default with respect to investments held by our funds that have significant debt investments, such as our

credit-focused

Management’s Discussion and Analysis of Financial Condition and Results of Operations” of [removed: Exhibit 99.1 of] Blackstone’s [removed: Current] [added: Annual] Report on [added: Form]

Form [removed: 8-K][added: 10-K]

We generate revenue from fees earned pursuant to contractual arrangements with funds, fund investors and fund portfolio [removed: companies,] [added: companies (including management, transaction] and [added: monitoring fees), and] from capital markets services.

In certain [added: investment fund] structures, we receive a contractual incentive fee from [removed: an investment vehicle] [added: the fund] based on achieving certain investment returns (an “Incentive Fee,” and together with Performance Allocations, “Performance Revenues”).

The composition of our revenues will vary based on market conditions and the cyclicality of the different [removed: businesses in which] [added: business units] we operate.

Net investment gains and investment income generated by [removed: the] Blackstone Funds are driven by the performance of [removed: the] underlying investments [added: in such funds] as well as overall market conditions.

Fair values are affected by changes in the fundamentals of our [added: funds’] portfolio companies and other investments, the industries in which they operate, the overall economy and other market conditions.

Blackstone’s businesses are materially [removed: affected] [added: affected] by conditions in the financial markets and economic conditions in the U.S., Europe, Asia and, to a lesser extent, elsewhere in the world.

Most major equity markets appreciated in the fourth quarter of [removed: 2024.][added: 2025, driven by positive economic data and accommodative central bank actions.]

[removed: High yield] [added: High-yield] spreads tightened [removed: 57] [added: by 21] basis points in [removed: 2024,] [added: 2025,] while issuance increased [removed: 64%] [added: 16.8%] year-over-year.

The Federal Reserve decreased the federal funds target range three times in [removed: 2024] [added: 2025] to

[removed: Inflation in the Eurozone fell from 2.8% year-over-year growth in January 2024 to 2.4% at year end despite the] [added: The] European Central Bank [removed: lowering] [added: lowered] its deposit facility by 100 basis points during the [removed: year and an additional 25 basis points] [added: year, with inflation] in [removed: February] [added: the Eurozone falling to 1.9% in December 2025 compared to 2.5% in January] 2025.

On [removed: December 6, 2024,] [added: November 3, 2025,] Blackstone, through its [removed: indirect] subsidiary Blackstone Reg Finance Co. L.L.C., issued [removed: $750] [added: $600] million aggregate principal amount of [removed: 5.000%] [added: 4.300%] senior notes due [removed: December 6, 2034] [added: November 3, 2030 (the “Registered 2030 Notes”), and $600 million aggregate principal amount of 4.950% senior notes due February 15, 2036 (the “Registered 2036 Notes”) and, together with the Registered 2030 Notes, (the “Registered Notes”),] pursuant to a Registration Statement on [added: Form]

“Borrowings” in the “Notes to Consolidated Financial Statements” in [removed: “— Item] [added: “—Item] 8.

Financial Statements and Supplementary Data” and [removed: “— Liquidity] [added: “—Liquidity] and Capital Resources [removed: —Sources] [added: — Sources] and Uses of Liquidity.”

[removed: ][added: ]

See [removed: “— Item] [added: “—Item] 8.

Summary of Significant Accounting Policies” and [removed: “— Critical] [added: “—Critical] Accounting Policies.” Our key

[removed: non-GAAP][added: “—Non-GAAP]

[removed: “— Non-GAAP][added: “—Non-GAAP]

The economic assumptions and methodologies that impact the implied income tax provision are the same as those methodologies and assumptions used in calculating the current income tax provision for Blackstone’s Consolidated Statements of Operations under GAAP, excluding the impact of divestitures and accrued tax [removed: contingencies and] [added: contingency-related liabilities or] refunds which are reflected when paid or received.

See [removed: “—]

Realized Performance Compensation [removed: reflects] [added: reflects, pursuant to] an [added: ongoing compensation program, an] increase in the aggregate Realized Performance Compensation paid to certain of our professionals above the amounts allocable to them based upon the percentage participation in the relevant performance plans previously awarded to them.

[removed: In] [added: For] the year ended December 31, [removed: 2024,] [added: 2025,] Realized Performance Compensation increased by an aggregate of [removed: $83.1] [added: $76.6] million and Fee Related Compensation decreased by a corresponding amount.

[removed: In] [added: For] the year ended December 31, [removed: 2023,] [added: 2024,] Realized Performance Compensation increased by an aggregate of [removed: $65.0] [added: $83.1] million and Fee [removed: Related Compensation decreased by a corresponding amount.]

These changes to Realized Performance Compensation and Fee Related Compensation reduced Net Realizations, increased Fee Related Earnings and had a neutral impact to Income Before Provision (Benefit) for Taxes and Distributable Earnings [removed: in] [added: for] the years ended December 31, [removed: 2024] [added: 2025] and [removed: December 31, 2023.][added: 2024.]

Net Accrued Performance Revenues is derived from and reconciled to, but not [removed: equivalent to, its most directly comparable GAAP measure of Investments.]

[removed: Financial Measures” for our reconciliation of Net Accrued Performance Revenues and Note 2] “Summary of Significant Accounting Policies — Equity Method Investments” in the “Notes to Consolidated Financial Statements” in [removed: “— Item] [added: “—Item] 8.

Since our inception, we have developed and used various key operating metrics to assess and monitor the operating performance of our various alternative asset management businesses in order to monitor the effectiveness of our [removed: value creating] [added: value-creating] strategies.

ownership interests in Blackstone’s consolidated operating partnerships and removes the amortization of [removed: intangibles] [added: intangible] assets and Transaction-Related and

Items) in these periods, see [removed: “— Segment] [added: “—Segment] Analysis” below.

The following table sets forth information regarding our consolidated results of operations and certain key operating metrics for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022:][added: 2023:]

| | | Year Ended December 31, | | | | | | | | | | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] | | | | | | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] | | | | | | |

| | | [removed: 2024] [added: 2025] | | | | [removed: 2023] [added: 2024] | | | | [removed: 2022] [added: 2023] | | | | $ | | | | % | | | | $ | | | | % | | |

| Management and Advisory Fees, Net | | $ | [removed: 7,188,936] [added: 8,075,601] | | | $ | [removed: 6,671,260] [added: 7,188,936] | | | $ | [removed: 6,303,315] [added: 6,671,260] | | | $ | [removed: 517,676] [added: 886,665] | | | | [removed: 8%] [added: 12%] | | | $ | [removed: 367,945] [added: 517,676] | | | | [removed: 6%] [added: 8%] | |

| Incentive Fees | | | [removed: 964,178] [added: 978,202] | | | | [removed: 695,171] [added: 964,178] | | | | [removed: 525,127] [added: 695,171] | | | | [removed: 269,007] [added: 14,024] | | | | [removed: 39%] [added: 1%] | | | | [removed: 170,044] [added: 269,007] | | | | [removed: 32%] [added: 39%] | |

| Realized | | | [removed: 3,457,746] [added: 3,662,243] | | | | [removed: 2,223,841] [added: 3,457,746] | | | | [removed: 5,381,640] [added: 2,223,841] | | | | [removed: 1,233,905] [added: 204,497] | | | | [removed: 55%] [added: 6%] | | | | [removed: (3,157,799] [added: 1,233,905] | [removed: )] | | | [removed: \-59%] [added: 55%] | |

| Unrealized | | | [removed: 371,407] [added: 643,063] | | | | [removed: (1,691,668] [added: 371,407] | [removed: )] | | | [removed: (3,435,056] [added: (1,691,668] | ) | | | [removed: 2,063,075] [added: 271,656] | | | | [removed: n/m] [added: 73%] | | | | [removed: 1,743,388] [added: 2,063,075] | | | | [removed: \-51%] [added: n/m] | |

| Unrealized | | | [removed: 380,591] [added: 248,304] | | | | [removed: (603,154] [added: 380,591] | [removed: )] | | | [removed: (1,563,849] [added: (603,154] | ) | | | [removed: 983,745] [added: (132,287] | [added: )] | | | [removed: n/m] [added: \-35%] | | | | [removed: 960,695] [added: 983,745] | | | | [removed: \-61%] [added: n/m] | |

| Total Investment Income | | | [removed: 4,542,002] [added: 5,251,242] | | | | [removed: 232,842] [added: 4,542,002] | | | | [removed: 1,233,062] [added: 232,842] | | | | [removed: 4,309,160] [added: 709,240] | | | | [removed: n/m] [added: 16%] | | | | [removed: (1,000,220] [added: 4,309,160] | [removed: )] | | | [removed: \-81%] [added: n/m] | |

This section of this

generally discusses 2025 and 2024 items and year to year comparisons between 2025 and 2024.

[For the discussion of 2024 compared to 2023](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1393818/000119312525042469/d912273d10k.htm), see “Part II.

10-K

for the year ended December 31, 2024, which specific discussion is incorporated herein by reference.

The total return of the S&P 500 Index was 2.7% in the fourth quarter, led by the healthcare and telecommunications sectors, which gained 11.7% and 7.3%, respectively.

The real estate and utilities sectors underperformed, declining 2.9% and 1.4%, respectively.

Equity market volatility decreased, with the CBOE Volatility Index (VIX) declining 8.2% at the end of the fourth quarter compared to the third quarter.

In credit markets, the S&P Leveraged Loan Index generated a total return of 1.2% and the ICE Bank of America High Yield Bond Index returned 1.3%.

At the beginning of 2026, however, concerns regarding impact of artificial intelligence-driven disruption weighed on equity capital markets.

By

mid-February 2026,

the Dow Jones and S&P 500 Index had experienced declines for four out of five weeks, while the Nasdaq recorded its fifth straight negative week.

Capital markets activity levels in the U.S. expanded considerably in 2025, with U.S. initial public offering volumes and announced merger and acquisition volumes up approximately 73% and 60%, respectively, compared to 2024.

In particular, the fourth quarter saw a

two-and-a-half

year-over-year increase in merger and acquisition and initial public offerings activity.

While the U.S. economy exhibited steady growth through most of 2025, the Bureau of Economic Analysis’ advance estimate of U.S. real GDP annualized growth was 1.4% in the fourth quarter.

This was well below estimates, and the Bureau estimated, among other factors, that the U.S. government shutdown subtracted about 1.0% from such expected GDP growth.

The labor market remained largely in balance, with an unemployment rate of 4.4% at year end, up moderately from 4.1% at year-end 2024.

Inflation decreased over the course of 2025, with headline CPI of 2.7% in December 2025 compared to 3.0% in January 2025.

3.50-3.75%

by year end and held rates steady in January 2026, based on its view that inflation has remained above the target rate of 2%.

Outside of the U.S., most major central banks reduced interest rates in 2025 as inflation around the world continued to show signs of moderation.

Inflation in the U.K. increased slightly to 3.4% in December 2025 compared to 3.0% in January 2025, but remained well below prior year peaks, and The Bank of England lowered its rate by 100 points over four reductions in 2025, ending the year at 3.75%.

In China, the People’s Bank also lowered the required reserve ratio by 50 basis points in 2025 to 9%, continuing a rate-cutting cycle that began in 2021.

By contrast, the Bank of Japan further increased its policy rate twice in 2025 to 0.75% by year end, the highest level since 1995.

An overall resilient economic backdrop, alongside moderating interest rates in several major economies, supported a gradual improvement in capital markets and transaction activity in the latter part of 2025.

Uncertainty regarding the trajectory of inflation and interest rates in the U.S., continued geopolitical turbulence and concerns regarding the potential impact of artificial intelligence-related disruptions across a number of industries, however, have more recently adversely impacted investor sentiment and the market environment.

For additional information on the potential impact on each of our business segments of the conditions described above see “—Segment Analysis.”

On October 16, 2025, Blackstone entered into an amended and restated $4.325 billion revolving credit facility (the “Revolving Credit Facility”).

The Revolving Credit Facility amends and restates Blackstone’s existing revolving credit facility to, among other things, extend the maturity date from December 15, 2028 to October 16, 2030 and increase the aggregate required minimum amount of fee generating assets under management.

Financial Statements and Supplementary Data.”

S-3.

Blackstone intends to use the net proceeds from the sale of the Registered Notes for general corporate purposes.

For additional information, see Note 12.

“Borrowings” in the “Notes to Consolidated Financial Statements” in “—Item 8.

The Payable under the Tax Receivable Agreement reflects the expected amount of tax savings generated in the period that parties to the Tax Receivable Agreement are entitled to receive in future periods.

Related Compensation decreased by a corresponding amount.

“—Non-GAAP

For a discussion of our results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022, see “Part II.

filed on November 25, 2024.

Global markets experienced volatility in 2024, due to significant movement in Treasury yields, a strong U.S. Dollar, global geopolitical instability and macroeconomic uncertainty.

The

10-year

Treasury yield increased 86 basis points from the beginning of 2024 to an intraday high of 4.74% in April, declined 114 basis points to an intraday low of 3.6% in September, and subsequently rose again to end the year at 4.57%.

Short-term rates decreased in 2024 with three-month SOFR down 103 basis points to 4.31%.

The U.S. Dollar appreciated against major currencies in the fourth quarter and full year, including the Pound Sterling, Euro, Canadian Dollar, and Indian Rupee.

The S&P 500 delivered a total return of 2.0% in the fourth quarter and 25.0% for the full year.

All sectors gained during the year, led by the telecom sector, which rose 40.2%.

In credit markets, the S&P leveraged loan index increased 9.0% in 2024 while the Credit Suisse high yield bond index rose 7.9%.

Base rates were volatile during the year.

Equity market volatility increased, with the CBOE Volatility Index up 39% year-over-year.

Oil prices were largely unchanged, with the price of West Texas Intermediate crude oil up 0.1% in 2024 to $71.72 per barrel.

The Henry Hub Natural Gas spot price increased 45% year-over-year to $3.63.

The U.S. economy exhibited steady growth in 2024, underpinned by a healthy labor market and consumer spending.

The advance estimate of U.S. real GDP for 2024 indicated growth of 2.8% year-over-year, in line with 2.9% growth recorded in 2023.

Inflation decreased moderately over the course of 2024, with headline CPI decreasing from 3.1% year-over-year growth in January 2024 to 2.9% in December 2024, and Core CPI decreasing from 3.9% year-over-year growth in January 2024 to 3.2% year-over-year in December 2024.

4.25%-4.50%

by year end.

The Federal Reserve held rates steady in January 2025, indicating its expectations for a slower pace of rate cuts moving forward.

The U.S. unemployment rate was 4.1% in December 2024, but further decreased below forecasts to 4.0% in January 2025, suggesting a tightening labor market.

Average hourly earnings increasing 4.1% year-over-year and 0.5% month-over-month in January 2025.

Meanwhile, shelter cost inflation has decreased since the end of 2023, declining to 4.6% in December 2024 as compared to 6.2% the prior year.

In manufacturing, the Institute for Supply Management Purchasing Managers’ Index increased to 49.2 in December 2024 compared to 46.9 in 2023.

Outside the U.S., several major economies demonstrated slower GDP growth and began loosening monetary policy after an extended period of tightening due to decreasing inflation.

Eurozone real GDP declined to 2.4% annual growth in December 2024 from 2.9% in December 2023.

In China, real GDP grew 5.0% year-over-year in 2024, down from 5.4% in 2023 and below the average of the preceding ten years.

In Japan, the advance estimate of real GDP indicated a contraction of 0.2% year-over-year in 2024, down from 1.5% growth in 2023.

Capital markets activity expanded moderately, with global initial public offering volumes up 4% and global announced merger and acquisition volumes up 12% compared to 2023; however, both metrics remain below prior peak levels.

During 2024, the U.S. made meaningful progress on inflation and maintained a healthy economy, which helped improve investor sentiment.

Nonetheless, continued geopolitical turbulence, the potential for slower-than-anticipated interest rate decreases, and U.S. trade, immigration and other policy and regulatory changes are contributing to economic outlook uncertainty, including a potential economic slowdown.

Form S-3

(the “Registered 2034 Notes”).

| --- | --- | --- |

co-investment

| Realized | | | 332,258 | | | | 303,823 | | | | 850,327 | | | | 28,435 | | | | 9% | | | | (546,504 | ) | | | \-64% | |

| | • | | 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. |

| --- | --- | --- | --- |

| | • | | 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. |

“Summary of Significant Accounting Policies — Revenue Recognition” in the “Notes to Consolidated Financial Statements” in [removed: “ — Item] [added: “—Item] 8.

For the years ended December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] the percentages of our fund management fees based on the NAV or GAV of the applicable funds or separately managed accounts, were as follows:

| Fund Management Fees Based on the NAV or GAV of the Applicable Funds or Separately Managed Accounts | | | [removed: 47] [added: 51] | % | | | 47 | % |

Based on the fair value as of December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] we estimate that a 10% decline in the fair value of investments, excluding equity securities without a readily determinable fair value measured in accordance with the measurement alternative, and certain freestanding derivative instruments would result in the following declines in Management and Advisory Fees, Net, Unrealized Performance Allocations, Net and Unrealized Principal Investment Income:

| 10% Decline in Fair Value of the Investments | | $ | [removed: 424,575] [added: 497,332] | | | $ | [removed: 2,399,495] [added: 2,594,242] | | | $ | [removed: 802,964] [added: 987,245] | | | $ | [removed: 392,340] [added: 424,575] | | | $ | [removed: 2,172,376] [added: 2,399,495] | | | $ | [removed: 835,037] [added: 802,964] | |

Also see “ [removed: — Item] [added: —Item] 7.

We estimate that as of December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] a 10% decline in the rate of exchange of all foreign currencies against the U.S. dollar would result in the following declines in Management and Advisory Fees, Net, Unrealized Performance Allocations, Net and Unrealized Principal Investment Income:

| 10% Decline in the Rate of Exchange of All Foreign Currencies Against the U.S. Dollar | | $ | [removed: 52,416] [added: 52,124] | | | $ | [removed: 683,852] [added: 805,659] | | | $ | [removed: 82,194] [added: 96,516] | | | $ | [removed: 40,373] [added: 52,416] | | | $ | [removed: 596,201] [added: 683,852] | | | $ | [removed: 74,707] [added: 82,194] | |

As of December 31, [removed: 2024 and 2023,] [added: 2024,] Blackstone had $39.9 million outstanding under the Secured Borrowings that is subject to interest at a variable rate.

The annualized increase in interest expense due to a 1% increase in interest rates would be $0.4 million as a result of these borrowings for the year ended December 31, [removed: 2024 and 2023.][added: 2024.]

| One Percentage Point Increase in Interest Rates | | $ | [removed: 4,042] [added: 3,006] | (a) | | $ | [removed: 4,807] [added: 5,751] | | | $ | [removed: 6,504] [added: 4,042] | (a) | | $ | [removed: 12,881] [added: 4,807] | |

| (a) | As of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] this represents [added: less than] 0.1% of our portfolio of liquid assets. |

We estimate that as of December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] a one percentage point increase parallel shift in global yield curves would result in the following impact on Other Revenue:

| Annualized Increase (Decrease) in Other Revenue Due to a One Percentage Point Increase in Interest Rates | | $ | [removed: 2,388] [added: 2,776] | | | $ | [removed: 1,352] [added: 2,388] | |

| Decrease in Annualized Investment Income Due to a One Percentage Point Increase in Credit Spreads (a) | | $ | [removed: 1,524] [added: 1,166] | | | $ | [removed: 5,343] [added: 1,524] | |

| (a) | As of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] this represents less than 0.1% and [removed: 0.1%] [added: 0.1%, respectively,] of our portfolio of liquid [removed: assets, respectively.] [added: assets.] |

| | 2025 | | | | 2024 | | | |

| | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | |

| | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | | | |

Blackstone did not have variable interest based debt obligations payable as of December 31, 2025 and therefore, interest expense was not impacted by changes in interest rates for the year ended December 31, 2025.

| | | 2025 | | | | | | | | 2024 | | | | | | |

| | | 2025 | | | | 2024 | | |

| | | 2025 | | | | 2024 | | |

[](#toc)

[](#toc)

| | 2024 | | | | 2023 | | | |

| | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | | | |

| | | 2024 | | | | | | | | 2023 | | | | | | |

| | | 2024 | | | | 2023 | | |

Our more than [removed: $1.1] [added: $1.3] trillion in Total Assets Under Management as of December 31, [removed: 2024] [added: 2025] include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds.

As of December 31, [removed: 2024,] [added: 2025,] we employed approximately [removed: 4,895] [added: 5,285] people, including our [removed: 254] [added: 268] senior managing directors, at our headquarters in New York and around the world.

Our Real Estate business is a global leader in real estate investing, with [removed: $315.4] [added: $319.3] billion of Total Assets Under Management as of December 31, [removed: 2024.][added: 2025.]

Our Real Estate [removed: segment] [added: business] operates as one globally integrated business with approximately [removed: 835] [added: 785] employees and has investments across the globe, including in the Americas, Europe and Asia.

BREP seeks to invest thematically in [removed: high-quality assets, focusing] [added: high-quality, well-located assets] where we see outsized growth potential driven by global economic and demographic trends.

Our Core+ real estate strategy invests in substantially stabilized real estate [removed: globally] [added: globally,] primarily through perpetual capital vehicles.

The strategy includes our (a) Blackstone Property Partners (“BPP”) funds, which are focused on high-quality assets in the Americas, Europe and Asia and (b) [removed: our][added: a]

real estate investment trust [removed: (“REIT”)] [added: (“REIT”),] Blackstone Real Estate Income Trust, Inc. [removed: (“BREIT”)] [added: (“BREIT”),] and [removed: our] Blackstone European Property Income [added: Fund] (“BEPIF”) vehicles, which provide income-focused individual investors access to institutional quality real estate primarily in the Americas and Europe, respectively.

BREDS’ scale and investment mandates enable it to provide a variety of lending options for our borrowers and investment options for our investors, including commercial real estate [removed: and mezzanine] [added: mortgage] loans and liquid real estate-related debt securities.

The BREDS platform includes high-yield real estate debt funds, liquid real estate debt funds, capital managed on behalf of our Credit & Insurance segment, and Blackstone Mortgage Trust, Inc. (“BXMT”), a NYSE-listed [added: mortgage] REIT.

Our Private Equity segment encompasses global businesses with a total of approximately [removed: 675] [added: 720] employees managing [removed: $352.2] [added: $416.4] billion of Total Assets Under Management as of December 31, [removed: 2024.][added: 2025.]

Our Private Equity segment [removed: includes] [added: includes:] (a) Private Equity Strategies (described below), (b) Infrastructure, which includes (1) our infrastructure-focused funds for institutional investors with a primary focus on the U.S. and Europe (Blackstone Infrastructure Partners or “BIP”) and (2) a private wealth-focused platform offering eligible individual investors access to our infrastructure capabilities (Blackstone Infrastructure Strategies or “BXINFRA”), (c) our secondaries business (“Secondaries”), which includes Strategic Partners Fund Solutions (“Strategic Partners”) and our GP Stakes business [removed: (“GP Stakes”),] [added: (“Blackstone GP Stakes” or “BXGP”),] (d) our capital markets services business (Blackstone Capital Markets or “BXCM”) and (e) a private wealth-focused platform offering eligible individuals exposure to certain of Blackstone’s key illiquid investment strategies through a single commitment (Blackstone Total Alternatives Solution or “BTAS”).

Our Private Equity Strategies include: (a) our Corporate Private Equity business (described below), (b) our [removed: opportunistic] [added: hybrid capital] investment platform that invests flexibly across asset classes, industries and geographies (Blackstone Tactical Opportunities or “Tactical Opportunities”), (c) our life sciences investment platform (Blackstone Life Sciences or “BXLS”), (d) our growth equity investment platform (Blackstone Growth or “BXG”) and (e) a private wealth-focused platform offering eligible individual investors access to Blackstone’s private equity capabilities (Blackstone Private Equity Strategies Fund or “BXPE”).

Our Corporate Private Equity business consists of: (a) our global private equity funds (Blackstone Capital Partners or “BCP”), (b) our [added: Asia-focused private equity funds (Blackstone Capital Partners Asia or “BCP Asia”), (c) our] sector-focused funds, including our energy- and energy transition-focused funds (Blackstone Energy Transition Partners or [removed: “BETP”), (c) our Asia-focused private equity funds (Blackstone Capital Partners Asia or “BCP Asia”)] [added: “BETP”)] and (d) our core private equity funds (Blackstone Core Equity Partners or “BCEP”).

Tactical Opportunities pursues a thematically driven, [removed: opportunistic] [added: hybrid capital] investment strategy.

[added: Blackstone] GP Stakes targets minority investments in the general partners of private equity and other private market alternative asset management firms globally, with a focus on delivering a combination of recurring annual cash flow yield and long-term capital appreciation.

Our Credit & Insurance segment (“BXCI”) has approximately [removed: 685] [added: 815] employees and manages [removed: $375.5] [added: $443.0] billion of Total Assets Under Management as of December 31, [removed: 2024.][added: 2025.]

The private corporate credit strategies include mezzanine and direct lending funds, [removed: private placement strategies,] stressed/distressed strategies and SMAs.

The direct lending funds include Blackstone Private Credit Fund [removed: (“BCRED”) and] [added: (“BCRED”),] Blackstone Secured Lending Fund (“BXSL”), both of which are business development companies [removed: (“BDCs”).][added: (“BDCs”), as well as Blackstone European Private Credit Fund (“ECRED”).]

The infrastructure and asset based credit strategies include [added: private placement strategies,] energy strategies (including our sustainable resources platform) and asset based finance strategies focused on privately originated, income-oriented credit assets secured by physical, financial or residential real estate collateral.

Our insurance platform focuses on providing [removed: full] investment management services for insurance and reinsurance accounts, seeking to deliver customized and diversified portfolios consisting primarily of investment grade credit, including through Blackstone’s private credit origination capabilities.

Through this platform, we provide our clients tailored portfolio construction, strategic asset [removed: allocation,] [added: allocation] and specialized analytical tools.

Our Multi-Asset Investing segment (“BXMA”) has approximately 240 employees managing [removed: $84.2] [added: $96.2] billion of Total Assets Under Management as of December 31, [removed: 2024.][added: 2025.]

BXMA is organized into [removed: two primary] [added: four investment] platforms: Absolute [removed: Return] [added: Return, Multi-Strategy, Total Portfolio Management] and [removed: Multi-Strategy.][added: Public Real Assets.]

Multi-Strategy aims to generate strong risk-adjusted returns through opportunistic, asset-class agnostic [removed: investing, including structured risk transfer and equity capital markets strategies.][added: investing.]

[removed: BXMA also includes a] [added: The Public Real Assets] platform [added: is] managed by Harvest Fund Advisors LLC (“Harvest”), which primarily invests in publicly traded energy infrastructure, renewables and master limited partnerships holding midstream energy assets in North America.

[removed: In recent years, we] [added: We] have [removed: continued to] meaningfully [removed: increase] [added: increased] our assets under management in such [removed: vehicles.][added: vehicles in recent years, and expect to continue to undertake initiatives to expand further.]

Perpetual Capital strategies include, without limitation, (a) in our Real Estate segment, [added: certain] Core+ real estate [added: vehicles] (including BREIT and BEPIF) and BXMT, (b) in our Private Equity segment, BIP, BXPE, BXINFRA and vehicles in GP Stakes, and (c) in our Credit & Insurance segment, BXSL and BCRED.

We [added: have significantly expanded, and] expect to continue to [added: undertake initiatives to] expand the number and type of such products that we offer.

Our Private Wealth [removed: Solutions] business is dedicated to building out our distribution capabilities in the private wealth channel to provide certain individual investors with access to Blackstone products across a broad array of alternative [removed: investment strategies.]

In such businesses, investment professionals generally submit investment opportunities for review and approval by a review committee and/or investment committee, subject to delineated exceptions set forth in [removed: the funds’] [added: applicable] investment committee charters or resolutions.

Our Private Wealth Products are organized using a variety of structures, including [added: corporations, statutory trusts, limited partnerships or other vehicles, and accept subscriptions for investment from]

[removed: sub-advise][added: sub-advise,]

In addition, the governing agreements of many of our partnership funds provide that in the event certain “key persons” in our partnership funds do not meet specified time commitments with regard to managing the fund, then (a) investors in such funds have the [removed: right to vote to terminate the investment period by a specified percentage (including, in certain cases a simple majority) vote in accordance with specified procedures, or accelerate the withdrawal of their capital on an]

Our incentive arrangements are composed of (a) contractual incentive fees received from certain investment vehicles upon achieving specified cumulative investment returns (“Incentive Fees”), and (b) a disproportionate allocation of the income generated by investment vehicles otherwise allocable to investors upon achieving certain investment returns (“Performance [removed: Allocations”,] [added: Allocations,”] and, together with Incentive Fees, “Performance Revenues”).

We have recorded a contingent repayment obligation equal to the amount that would be due on December 31, [removed: 2024,] [added: 2025,] if the various carry funds were liquidated at their current carrying value.

[removed: We determine whether to make general partner capital commitments to our funds in excess of the] minimum required commitments based on, among other things, our anticipated liquidity, working capital and [added: other capital needs.]

In [added: addition, competition for fundraising in] the private wealth [removed: channel,] [added: and insurance channels is also driven by] the willingness of [added: certain of] our competitors to [added: charge lower fees or] pay higher or [removed: differing] [added: different] types of [removed: distributor fees increases competition for fundraising.][added: distributors fees.]

[added: Our sustainability] efforts are anchored in our goal of generating strong returns for investors to fulfill our fiduciary duty.

See [removed: “— Human] [added: “—Human] Capital Management.”

grade debt.

BXMA, the world’s largest discretionary allocator to hedge funds, is a leader in building multi-asset portfolios.

BXMA invests across asset classes in both public and private markets aiming to generate compelling risk-adjusted returns.

Absolute Return manages a broad range of commingled and customized portfolios and aims to generate consistent returns across market environments.

Total Portfolio Management manages large-scale total portfolios across asset classes in both public and private markets.

investment strategies, as well as to seek to broaden access to private markets for retirement savers through the defined contribution plan channel.

right to vote to terminate the investment period by a specified percentage (including, in certain cases a simple majority) vote in accordance with specified procedures, or accelerate the withdrawal of their capital on an

We determine whether to make general partner capital commitments to our funds in excess of the

Following the tragic July 2025 shooting at 345 Park Avenue where our New York headquarters are located, we also began offering incident counseling services and other resources globally, including

on-site

counseling at our New York offices and 24/7 virtual support.

“—Item 1C.

BELL also expects to become

FCA-authorized

to conduct further activities regulated by the FCA in the future.

grade.

BXMA, the world’s largest discretionary allocator to hedge funds, seeks to grow investors’ assets through investment strategies designed to deliver, primarily through the public markets, compelling risk-adjusted returns.

Absolute Return is designed to pursue consistent, efficient and diversifying returns across multiple market environments.

Absolute Return manages a broad range of commingled and customized fund solutions, a seeding business and registered funds that provide alternative asset solutions through daily liquidity products.

corporations, statutory trusts, limited partnerships or other vehicles, and accept subscriptions for investment from

| --- | --- | --- | --- |

| | • | | 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. |

other capital needs.

Certain institutional investors have demonstrated a preference to

in-source

their own investment professionals and to make direct investments in alternative assets without the assistance of private equity advisers like us.

We compete for investments with such institutional investors and such institutional investors could cease to be our clients.

Sustainability

Our

and

Most of our current senior managing

In addition, we offer additional family planning benefits for employees such as infertility benefits, including cryopreservation and primary caregiver leave for a minimum of 21 weeks.

closed-end

open-end

investment companies we manage, advise or

BEFM provides investment management functions including portfolio management, risk management,

FORM [removed: 10-K]

| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, [removed: 2024] [added: 2025] |

Commission File Number: [removed: 001-33551]

[removed: ][added: ]

[removed: (212)] 583-5000

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation [removed: S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a [removed: non-accelerated filer, smaller reporting company, or an emerging growth company.]

See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule [removed: 12b-2 of the Exchange Act.]

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to [removed: §240.10D-1(b).]

Indicate by check mark whether the registrant is a shell company (as defined in Rule [removed: 12b-2 of the Act).]

As of June 30, [removed: 2024,] [added: 2025,] the aggregate market value of the shares of common stock held by [removed: non-affiliates of the registrant was $88.2 billion.]

[removed: As of February 21, 2025, there were 729,415,925] shares of common stock of the registrant outstanding.

[removed: Table] [added: Table] of [removed: Contents][added: Contents]

| | | | | [removed: Page] [added: Page] | | |

| Item 1. | | [removed: [Business](#tx912273_2)] [added: [Business](#toc48618_2)] | | | 7 | |

| Item 1A. | | [Risk [removed: Factors](#tx912273_3)] [added: Factors](#toc48618_3)] | | | [removed: 22] [added: 23] | |

| Item 1B. | | [Unresolved Staff [removed: Comments](#tx912273_4)] [added: Comments](#toc48618_4)] | | | [removed: 80] [added: 74] | |

| Item 1C. | | [removed: [Cybersecurity](#tx912273_5)] [added: [Cybersecurity](#toc48618_5)] | | | [removed: 81] [added: 75] | |

| Item 2. | | [removed: [Properties](#tx912273_6)] [added: [Properties](#toc48618_6)] | | | [removed: 83] [added: 77] | |

| Item 3. | | [Legal [removed: Proceedings](#tx912273_7)] [added: Proceedings](#toc48618_7)] | | | [removed: 83] [added: 77] | |

| Item 4. | | [Mine Safety [removed: Disclosures](#tx912273_8)] [added: Disclosures](#toc48618_8)] | | | [removed: 83] [added: 77] | |

| [removed: [Part II.](#tx912273_9)] [added: [Part II.](#toc48618_9)] | | | | | | |

| Item 5. | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#tx912273_10)] [added: Securities](#toc48618_10)] | | | [removed: 84] [added: 78] | |

| Item 6. | | [removed: [(Reserved)](#tx912273_11)] [added: [(Reserved)](#toc48618_11)] | | | [removed: 86] [added: 79] | |

| Item 7. | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#tx912273_12)] [added: Operations](#toc48618_12)] | | | [removed: 86] [added: 80] | |

| Item 7A. | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#tx912273_13)] [added: Risk](#toc48618_13)] | | | [removed: 148] [added: 143] | |

| Item 8. | | [Financial Statements and Supplementary [removed: Data](#tx912273_14)] [added: Data](#toc48618_14)] | | | [removed: 152] [added: 147] | |

| Item 8A. | | [Unaudited Supplemental Presentation of Statements of Financial [removed: Condition](#tx912273_15)] [added: Condition](#toc48618_15)] | | | [removed: 225] [added: 223] | |

| Item 9. | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#tx912273_16)] [added: Disclosure](#toc48618_16)] | | | [removed: 228] [added: 226] | |

| Item 9A. | | [Controls and [removed: Procedures](#tx912273_17)] [added: Procedures](#toc48618_17)] | | | [removed: 228] [added: 226] | |

| Item 9B. | | [Other [removed: Information](#tx912273_18)] [added: Information](#toc48618_18)] | | | [removed: 229] [added: 227] | |

| Item 9C. | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#tx912273_19)] [added: Inspections](#toc48618_19)] | | | [removed: 229] [added: 227] | |

| [removed: [Part III.](#tx912273_20)] [added: [Part III.](#toc48618_20)] | | | | | | |

| Item 10. | | [Directors, Executive Officers and Corporate [removed: Governance](#tx912273_21)] [added: Governance](#toc48618_21)] | | | [removed: 230] [added: 228] | |

| Item 11. | | [Executive [removed: Compensation](#tx912273_22)] [added: Compensation](#toc48618_22)] | | | [removed: 237] [added: 235] | |

| Item 12. | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#tx912273_23)] [added: Matters](#toc48618_23)] | | | 255 | |

| Item 13. | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#tx912273_24)] [added: Independence](#toc48618_24)] | | | 258 | |

| Item 14. | | [Principal Accountant Fees and [removed: Services](#tx912273_25)] [added: Services](#toc48618_25)] | | | [removed: 263] [added: 264] | |

| [removed: [Part IV.](#tx912273_26)] [added: [Part IV.](#toc48618_26)] | | | | | | |

| Item 15. | | [Exhibits and Financial Statement [removed: Schedules](#tx912273_27)] [added: Schedules](#toc48618_27)] | | | [removed: 264] [added: 265] | |

10-K

001-33551

(212)

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

non-accelerated

filer, a smaller reporting company, or an emerging growth company.

12b-2

of the Exchange Act.

§240.10D-1(b).

12b-2

of the Act).

non-affiliates

of the registrant was $108.9 billion.

As of February 20, 2026, there were

742,180,737

| [Part I.](#toc48618_1) | | | | | | |

| [Signatures](#toc48618_29) | | | | | 285 | |

In our perpetual capital vehicles where

| [Part I.](#tx912273_1) | | | | | | |

| [Signatures](#tx912273_29) | | | | | 284 | |

redemptions are limited in quantum, such as interval funds or in certain insurance-dedicated vehicles.

| --- | --- |

We [removed: examine] [added: internally review] our cybersecurity program [added: and conduct a third-party review] every two to three years [removed: with third parties, evaluating] [added: to evaluate] its [removed: effectiveness] [added: effectiveness,] in part by considering industry standards and established frameworks, such as the National Institute of Standards and Technology and Center for Internet Security, as guidelines.

[removed: In addition to our internal exercises to test aspects of our cybersecurity program, we periodically engage] independent third parties to analyze data on the interactions of users of our information technology resources, including employees, and conduct penetration tests and scanning exercises to assess the performance of our cybersecurity systems and processes.

The IRP sets out ongoing monitoring or [removed: remediating] [added: remediation] actions to be taken after resolution of an incident.

[removed: This assessment] is conducted on the basis of, among other factors, the types of services provided and the extent and type of Blackstone data accessed or processed by a third-party vendor.

Risk Factors — [removed: Risk] [added: Risks] Related to [removed: our] [added: Our] Business — Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.” in this Annual Report on

Our CTO has over [removed: 23] [added: 24] years of information security, technology and engineering experience, including having previously served as the Chief Technology and Chief Innovation Officer at a large financial institution.

The CSO and CTO are responsible for the review of Blackstone’s cybersecurity framework annually as well as on an event-driven [removed: basis] [added: basis,] as necessary.

[removed: Blackstone’s board of directors] is responsible for understanding the primary risks to our business.

Additionally, the CSO provides quarterly updates to management on Blackstone’s cybersecurity risks and [removed: program developments.]

In addition

to our internal exercises to test aspects of our cybersecurity program, we periodically

engage

This

assessment

Blackstone’s

board of directors

program

developments.

As of December 31, [removed: 2024,] [added: 2025,] in addition to our offices in New York, we also leased offices in Hong Kong, London, Miami, [removed: New Jersey,] [added: Mumbai, Berkeley Heights,] San Francisco, Singapore, Tokyo and other cities around the world.

The number of holders of record of our common stock as of February [removed: 21, 2025] [added: 20, 2026] was [removed: 60.][added: 54.]

| First Quarter | | $ | [removed: 0.83] [added: 0.93] | | | $ | [removed: 0.82] [added: 0.83] | |

| Second Quarter | | | [removed: 0.82] [added: 1.03] | | | | [removed: 0.79] [added: 0.82] | |

| Third Quarter | | | [removed: 0.86] [added: 1.29] | | | | [removed: 0.80] [added: 0.86] | |

| Fourth Quarter | | | [removed: 1.44] [added: 1.49] | | | | [removed: 0.94] [added: 1.44] | |

For Blackstone’s definition of Distributable Earnings, see [removed: “— Item] [added: “—Item] 7.

Because the publicly traded entity and/or its wholly owned subsidiaries must pay taxes and make payments under the tax receivable agreements described in [removed: “— Item] [added: “—Item] 8.

Related Party Transactions,” the amounts ultimately paid as dividends by Blackstone Inc. to common stockholders in respect of each fiscal year are generally expected to be [added: less, on a per share or per unit basis, than the amounts distributed by the Blackstone Holdings Partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships in respect of their Blackstone Holdings Partnership Units.]

Share Repurchases in the Fourth Quarter of [removed: 2024][added: 2025]

The following table sets forth information regarding repurchases of shares of our common stock during the quarter ended December 31, [removed: 2024:][added: 2025:]

| (a) | On July 16, 2024, Blackstone’s board of directors authorized the repurchase of up to $2.0 billion of common stock and Blackstone Holdings Partnership Units. [removed: This authorization replaced Blackstone’s prior $2.0 billion repurchase authorization.] Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual numbers repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or discontinued at any time and does not have a specified expiration date. See [removed: “— Item] [added: “—Item] 8. Financial Statements and Supplementary Data — Notes to Consolidated Financial Statements — Note 15. Earnings Per Share and Stockholders’ Equity — Share Repurchase Program” and [removed: “— Item] [added: “—Item] 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Share Repurchase Program” for further information regarding this repurchase program. |

| | | 2025 | | | | 2024 | | |

| | | $ | 4.74 | | | $ | 3.95 | |

| Oct. 1 - Oct. 31, 2025 | | | 48,000 | | | $ | 148.81 | | | | 48,000 | | | $ | 1,711,434 | |

| Nov. 1 - Nov. 30, 2025 | | | 152,000 | | | $ | 143.15 | | | | 152,000 | | | $ | 1,689,675 | |

| Dec. 1 - Dec. 31, 2025 | | | — | | | $ | — | | | | — | | | $ | 1,689,675 | |

| | | | 200,000 | | | | | | | | 200,000 | | | | | |

| | | 2024 | | | | 2023 | | |

| | | $ | 3.95 | | | $ | 3.35 | |

less, on a per share or per unit basis, than the amounts distributed by the Blackstone Holdings Partnerships to the Blackstone personnel and others who are limited partners of the Blackstone Holdings Partnerships in respect of their Blackstone Holdings Partnership Units.

| Oct. 1 - Oct. 31, 2024 | | | 77,777 | | | $ | 169.32 | | | | 77,777 | | | $ | 1,846,014 | |

| Nov. 1 - Nov. 30, 2024 | | | 186,576 | | | $ | 180.89 | | | | 186,576 | | | $ | 1,812,265 | |

| Dec. 1 - Dec. 31, 2024 | | | — | | | $ | — | | | | — | | | $ | 1,812,265 | |

| | | | 264,353 | | | | | | | | 264,353 | | | | | |

| [Report of Independent Registered Public Accounting Firm (PCAOB ID [removed: 34)](#fin912273_1)] [added: 34)](#tx48618_1)] | | | [removed: 153] [added: 148] | |

| [Consolidated Statements of Financial Condition as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#fin912273_2)] [added: 2024](#tx48618_2)] | | | [removed: 156] [added: 151] | |

| [Consolidated Statements of Operations for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#fin912273_3)] [added: 2023](#tx48618_3)] | | | [removed: 158] [added: 153] | |

| [Consolidated Statements of Comprehensive Income for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#fin912273_4)] [added: 2023](#tx48618_4)] | | | [removed: 159] [added: 154] | |

| [Consolidated Statements of Changes in Equity for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#fin912273_5)] [added: 2023](#tx48618_5)] | | | [removed: 160] [added: 155] | |

| [Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#fin912273_6)] [added: 2023](#tx48618_6)] | | | [removed: 163] [added: 158] | |

[removed: | [Notes] [added: Notes] to Consolidated Financial [removed: Statements](#fin912273_7) | | | 165 | |][added: Statements—Continued]

We have audited the accompanying consolidated statements of financial condition of Blackstone Inc. and subsidiaries (“Blackstone”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “financial statements”).

We also have audited Blackstone’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Blackstone as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, Blackstone maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the [removed: company,] [added: company;] (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the [removed: company,] [added: company;] and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Fair Value of Certain Underlying Investments to determine Performance Allocations and Accrued Performance Allocations — Refer to Notes 2 and 4 to the financial [removed: statements][added: statements.]

| | • | | We evaluated the appropriateness of management’s assumptions through independent analysis and comparison to external [removed: sources.] [added: sources including potential corroborative and contradictory information, as applicable.] |

| | • | | When applicable, we inspected industry reports [added: or other relevant market information] to evaluate the consistency of current valuations with expected industry performance and [removed: inclusion] [added: consideration] of significant economic or industry events. |

[removed: | February 28,] [added: ,] 2025 [removed: |]

| | | [removed: December 31,] 2024 | | | | [removed: December 31,] 2023 | | | [added: | 2023 | | |]

| Cash and Cash Equivalents | | $ | [removed: 1,972,140] [added: 2,631,241] | | | $ | [removed: 2,955,866] [added: 1,972,140] | |

| Cash Held by Blackstone Funds and Other | | | [removed: 204,052] [added: 223,441] | | | | [removed: 316,197] [added: 204,052] | |

| Investments | | | [removed: 29,800,566] [added: 32,212,111] | | | | [removed: 26,146,622] [added: 29,800,566] | |

| Accounts Receivable | | | [removed: 237,930] [added: 291,758] | | | | [removed: 193,365] [added: 237,930] | |

| Due from Affiliates | | | [removed: 5,409,315] [added: 6,357,462] | | | | [removed: 4,466,521] [added: 5,409,315] | |

| Intangible Assets, Net | | | [removed: 165,243] [added: 131,359] | | | | [removed: 201,208] [added: 165,243] | |

| Other Assets | | | [removed: 947,859] [added: 1,157,719] | | | | [removed: 944,848] [added: 947,859] | |

| Right-of-Use Assets | | | [removed: 838,620] [added: 757,459] | | | | [removed: 841,307] [added: 838,620] | |

| Deferred Tax Assets | | | [removed: 2,003,948] [added: 2,056,223] | | | | [removed: 2,331,394] [added: 2,003,948] | |

| Total Assets | | $ | [removed: 43,469,875] [added: 47,708,975] | | | $ | [removed: 40,287,530] [added: 43,469,875] | |

| Loans Payable | | $ | [removed: 11,320,956] [added: 12,445,144] | | | $ | [removed: 11,304,059] [added: 11,320,956] | |

| Due to Affiliates | | | [removed: 2,808,148] [added: 3,224,432] | | | | [removed: 2,393,410] [added: 2,808,148] | |

| Accrued Compensation and Benefits | | | [removed: 6,087,700] [added: 6,411,389] | | | | [removed: 5,247,766] [added: 6,087,700] | |

| Operating Lease Liabilities | | | [removed: 965,742] [added: 861,021] | | | | [removed: 989,823] [added: 965,742] | |

| Accounts Payable, Accrued Expenses and Other Liabilities | | | [removed: 2,792,314] [added: 2,885,817] | | | | [removed: 2,277,258] [added: 2,792,314] | |

| Total Liabilities | | | [removed: 23,974,860] [added: 25,827,803] | | | | [removed: 22,212,316] [added: 23,974,860] | |

| Redeemable Non-Controlling Interests in Consolidated Entities | | | [removed: 801,399] [added: 1,380,503] | | | | [removed: 1,179,073] [added: 801,399] | |

| Common Stock, $0.00001 par value, 90 billion shares authorized, [removed: (731,925,965] [added: (748,688,068] shares issued and outstanding as of December 31, [removed: 2024; 719,358,114] [added: 2025; 731,925,965] shares issued and outstanding as of December 31, [removed: 2023)] [added: 2024)] | | | 7 | | | | 7 | |

| Series I Preferred Stock, $0.00001 par value, 999,999,000 shares authorized, [removed: (1] [added: 1] share issued and outstanding as of December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023)] [added: 2024)] | | | — | | | | — | |

| Series II Preferred Stock, $0.00001 par value, 1,000 shares authorized, [removed: (1] [added: 1] share issued and outstanding as of December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023)] [added: 2024)] | | | — | | | | — | |

| Additional Paid-in-Capital | | | [removed: 7,444,561] [added: 8,479,886] | | | | [removed: 6,175,190] [added: 7,444,561] | |

| Retained Earnings | | | [removed: 808,079] [added: 191,641] | | | | [removed: 660,734] [added: 808,079] | |

| Accumulated Other Comprehensive Loss | | | [removed: (40,326] [added: (6,008] | ) | | | [removed: (19,133] [added: (40,326] | ) |

| [Notes to Consolidated Financial Statements](#tx48618_7) | | | 160 | |

| February 27, 2026 |

| Balance at December 31, 2024 | | | 731,925,965 | | | $ | 7 | | | $ | 7,444,561 | | | $ | 808,079 | | | $ | (40,326 | ) | | $ | 8,212,321 | | | $ | 6,154,943 | | | $ | 4,326,352 | | | $ | 18,693,616 | | | $ | 801,399 | |

| Transfer Out Due to Deconsolidation of Fund Entities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (508,359 | ) | | | — | | | | (508,359 | ) | | | (174,869 | ) |

| Net Income | | | — | | | | — | | | | — | | | | 3,019,214 | | | | — | | | | 3,019,214 | | | | 660,568 | | | | 2,321,341 | | | | 6,001,123 | | | | 45,500 | |

| Currency Translation Adjustment | | | — | | | | — | | | | — | | | | — | | | | 34,318 | | | | 34,318 | | | | — | | | | 28,870 | | | | 63,188 | | | | 136,917 | |

| Capital Contributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,751,543 | | | | 16,337 | | | | 1,767,880 | | | | 772,882 | |

| Capital Distributions | | | — | | | | — | | | | — | | | | (3,635,652 | ) | | | — | | | | (3,635,652 | ) | | | (832,617 | ) | | | (2,394,070 | ) | | | (6,862,339 | ) | | | (202,694 | ) |

| Equity-Based Compensation | | | — | | | | — | | | | 892,246 | | | | — | | | | — | | | | 892,246 | | | | — | | | | 543,792 | | | | 1,436,038 | | | | — | |

| Balance at December 31, 2025 | | | 748,688,068 | | | $ | 7 | | | $ | 8,479,886 | | | $ | 191,641 | | | $ | (6,008 | ) | | $ | 8,665,526 | | | $ | 7,224,211 | | | $ | 4,610,932 | | | $ | 20,500,669 | | | $ | 1,380,503 | |

| Net Income | | $ | 6,046,623 | | | $ | 5,437,809 | | | $ | 2,444,253 | |

| | | December 31, 2025 | | | | December 31, 2024 | | |

| Cash and Cash Equivalents | | $ | 2,631,241 | | | $ | 1,972,140 | |

| Cash Held by Blackstone Funds and Other | | | 223,441 | | | | 204,052 | |

| | | $ | 2,854,682 | | | $ | 2,176,192 | |

, 2007

Prior to its conversion on July 1

, 2019

one

of Blackstone’s founders, Stephen A.

The activities

Generally, holders of the limited partner interests in the Holding Partnerships may, four

one-to-one

basis, exchanging one

Partnership Unit from each of the Holding Partnerships for one

share of Blackstone common stock.

kick-out

rights or participating rights that would overcome the control held by Blackstone.

Accordingly, Blackstone consolidates Blackstone Holdings and records

[Table of Contents

](#toc)

pro-rata

share of the results of the fund vehicle (a

“pro-rata

allocation”).

In addition to a

pro-rata

pro-rata

allocations, its equity method investments, and other principal investments.

— Interest consists primarily of interest income earned on cash, receivables and Blackstone held principal investments not accounted for under the equity method.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at December 31, 2021 | | | 704,339,774 | | | $ | 7 | | | $ | 5,794,727 | | | $ | 3,647,785 | | | $ | (19,626 | ) | | $ | 9,422,893 | | | $ | 5,600,653 | | | $ | 6,614,472 | | | $ | 21,638,018 | | | $ | 68,028 | |

| Transfer In Due to Consolidation of Fund Entities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,146,410 | |

| Net Income (Loss) | | | — | | | | — | | | | — | | | | 1,747,631 | | | | — | | | | 1,747,631 | | | | 107,766 | | | | 1,276,402 | | | | 3,131,799 | | | | (142,890 | ) |

| Currency Translation Adjustment | | | — | | | | — | | | | — | | | | — | | | | (7,849 | ) | | | (7,849 | ) | | | — | | | | (4,301 | ) | | | (12,150 | ) | | | (20,373 | ) |

| Capital Contributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 739,660 | | | | 9,868 | | | | 749,528 | | | | 555,693 | |

| Capital Distributions | | | — | | | | — | | | | — | | | | (3,647,310 | ) | | | — | | | | (3,647,310 | ) | | | (1,091,798 | ) | | | (2,881,343 | ) | | | (7,620,451 | ) | | | (180,200 | ) |

| Equity-Based Compensation | | | — | | | | — | | | | 504,738 | | | | — | | | | — | | | | 504,738 | | | | — | | | | 333,645 | | | | 838,383 | | | | — | |

| Balance at December 31, 2022 | | | 710,276,923 | | | $ | 7 | | | $ | 5,935,273 | | | $ | 1,748,106 | | | $ | (27,475 | ) | | $ | 7,655,911 | | | $ | 5,056,480 | | | $ | 5,253,670 | | | $ | 17,966,061 | | | $ | 1,715,006 | |

| | | $ | 2,176,192 | | | $ | 3,272,063 | |

to have control.

the terms and circumstances of the individual fund.

The terms

Performance Allocation to the general partner.

three

In June 2022, the Financial Accounting Standards Board issued amended guidance addressing certain sale restrictions on equity securities measured at fair value.

The guidance requires that reporting entities not consider contractual sale restrictions that prohibit the sale of equity securities when measuring fair value and introduces new disclosure requirements for equity securities subject to contractual sale restrictions.

The new guidance was effective for Blackstone beginning January 1, 2024, was adopted on a prospective basis and did not result in a change in measurement of equity securities upon adoption.

The carrying value of Goodwill was $1.9 billion as of December 31, 2024 and 2023.

At December 31, 2024 and 2023, Goodwill has been allocated to each of Blackstone’s four segments as follows: Real Estate ($421.7 million), Private Equity ($870.0 million), Credit & Insurance ($366.7 million) and Multi-Asset Investing ($231.8 million).

| | | $ | 29,800,566 | | | $ | 26,146,622 | |

Blackstone’s share of Investments of Consolidated Blackstone Funds totaled $439.7 million and $1.0 billion at December 31, 2024 and December 31, 2023, respectively.

| | | | | | | | | | | | | | | | | | | | | |

| Investments | | $ | 295,985,447 | | | $ | 190,972,309 | | | $ | 87,362,311 | | | $ | 29,969,945 | | | $ | 604,290,012 | |

| Other Assets | | | 13,601,083 | | | | 3,529,890 | | | | 6,345,260 | | | | 3,743,263 | | | | 27,219,496 | |

| Total Assets | | $ | 309,586,530 | | | $ | 194,502,199 | | | $ | 93,707,571 | | | $ | 33,713,208 | | | $ | 631,509,508 | |

| Debt | | $ | 118,075,949 | | | $ | 23,197,140 | | | $ | 39,049,599 | | | $ | 244,796 | | | $ | 180,567,484 | |

| Other Liabilities | | | 7,735,780 | | | | 2,187,967 | | | | 5,644,625 | | | | 1,215,788 | | | | 16,784,160 | |

| Total Liabilities | | | 125,811,729 | | | | 25,385,107 | | | | 44,694,224 | | | | 1,460,584 | | | | 197,351,644 | |

| Equity | | | 183,774,801 | | | | 169,117,092 | | | | 49,013,347 | | | | 32,252,624 | | | | 434,157,864 | |

| Total Liabilities and Equity | | $ | 309,586,530 | | | $ | 194,502,199 | | | $ | 93,707,571 | | | $ | 33,713,208 | | | $ | 631,509,508 | |

| Interest Income | | $ | 2,917,115 | | | $ | 2,017,933 | | | $ | 5,764,150 | | | $ | 11,052 | | | $ | 10,710,250 | |

| Other Income | | | 9,432,802 | | | | 1,047,067 | | | | 690,193 | | | | 64,156 | | | | 11,234,218 | |

| Interest Expense | | | (3,644,118 | ) | | | (761,405 | ) | | | (1,450,447 | ) | | | (2,743 | ) | | | (5,858,713 | ) |

| Other Expenses | | | (11,089,520 | ) | | | (2,246,183 | ) | | | (1,303,902 | ) | | | (141,596 | ) | | | (14,781,201 | ) |

| Net Realized and Unrealized Gain (Loss) from Investments | | | 7,807,056 | | | | 2,252,738 | | | | (1,330,895 | ) | | | 377,489 | | | | 9,106,388 | |

| Net Income | | $ | 5,423,335 | | | $ | 2,310,150 | | | $ | 2,369,099 | | | $ | 308,358 | | | $ | 10,410,942 | |

| Accrued Performance Allocations, December 31, 2023 | | $ | 2,990,602 | | | $ | 7,093,920 | | | $ | 599,779 | | | $ | 91,054 | | | $ | 10,775,355 | |

| Performance Allocations as a Result of Changes in Fund Fair Values | | | (490,902 | ) | | | 3,801,294 | | | | 471,043 | | | | 222,708 | | | | 4,004,143 | |

| Fund Distributions | | | (518,807 | ) | | | (1,433,278 | ) | | | (268,973 | ) | | | (166,198 | ) | | | (2,387,256 | ) |

| Cash and Cash Equivalents | | $ | [removed: 2,955,866] [added: 2,631,241] | | | $ | — | | | $ | — | | | $ | [removed: 2,955,866] [added: 2,631,241] | |

| Cash Held by Blackstone Funds and Other | | | — | | | | [removed: 316,197] [added: 223,441] | | | | — | | | | [removed: 316,197] [added: 223,441] | |

| Intangible Assets, Net | | | [removed: 201,208] [added: 131,359] | | | | — | | | | — | | | | [removed: 201,208] [added: 131,359] | |

| Right-of-Use Assets | | | [removed: 841,307] [added: 757,459] | | | | — | | | | — | | | | [removed: 841,307] [added: 757,459] | |

| Deferred Tax Assets | | | [removed: 2,331,394] [added: 2,056,223] | | | | — | | | | — | | | | [removed: 2,331,394] [added: 2,056,223] | |

| Accrued Compensation and Benefits | | | [removed: 5,247,766] [added: 6,411,389] | | | | — | | | | — | | | | [removed: 5,247,766] [added: 6,411,389] | |

| Operating Lease Liabilities | | | [removed: 989,823] [added: 861,021] | | | | — | | | | — | | | | [removed: 989,823] [added: 861,021] | |

| Redeemable Non-Controlling Interests in Consolidated Entities | | | [removed: 9] [added: 5] | | | | [removed: 1,179,064] [added: 1,380,498] | | | | — | | | | [removed: 1,179,073] [added: 1,380,503] | |

| Accumulated Other Comprehensive Income (Loss) | | | [removed: (36,175] [added: (53,272] | ) | | | [removed: 17,042] [added: 47,264] | | | | — | | | | [removed: (19,133] [added: (6,008] | ) |

| Non-Controlling Interests in Blackstone Holdings | | | [removed: 4,902,088] [added: 4,610,932] | | | | — | | | | — | | | | [removed: 4,902,088] [added: 4,610,932] | |

Blackstone Annex Onshore Fund [removed: L.P.][added: L.P.]

Blackstone Dislocation Fund L.P.

Blackstone European Property Income Fund (Master) [removed: FCP*][added: FCP]

Blackstone European Property Income Fund [removed: SICAV*][added: SICAV]

Blackstone Infrastructure Partners Europe F (CYM) [removed: L.P.*][added: L.P.]

Blackstone Infrastructure Partners Europe Lower Fund 1 (LUX) [removed: SCSp*][added: SCSp]

Blackstone Infrastructure [removed: Partners F.4 L.P.*][added: Strategies L.P.]

[removed: Blackstone] Infrastructure [removed: Strategies L.P.*][added: Investments L.P.]

Clover Credit Partners CLO III, [removed: Ltd.][added: Ltd.]

| [removed: *] | Consolidated as of December 31, 2024 only |

| [added: *] | Consolidated as of December 31, [removed: 2023] [added: 2025] only |

| | | December 31, 2025 | | | | | | | | | | | | | | |

| Investments | | | 28,046,783 | | | | 5,180,879 | | | | (1,015,551 | ) | | | 32,212,111 | |

| Accounts Receivable | | | 275,370 | | | | 16,388 | | | | — | | | | 291,758 | |

| Due from Affiliates | | | 6,055,038 | | | | 367,387 | | | | (64,963 | ) | | | 6,357,462 | |

| Other Assets | | | 1,143,014 | | | | 14,705 | | | | — | | | | 1,157,719 | |

| Total Assets | | $ | 42,986,689 | | | $ | 5,802,800 | | | $ | (1,080,514 | ) | | $ | 47,708,975 | |

| Loans Payable | | $ | 12,318,723 | | | $ | 126,421 | | | $ | — | | | $ | 12,445,144 | |

| Due to Affiliates | | | 3,046,459 | | | | 245,222 | | | | (67,249 | ) | | | 3,224,432 | |

| Accounts Payable, Accrued Expenses and Other Liabilities | | | 2,826,821 | | | | 58,996 | | | | — | | | | 2,885,817 | |

| Total Liabilities | | | 25,464,413 | | | | 430,639 | | | | (67,249 | ) | | | 25,827,803 | |

| Additional Paid-in-Capital | | | 8,479,886 | | | | 992,063 | | | | (992,063 | ) | | | 8,479,886 | |

| Retained Earnings | | | 191,641 | | | | 21,202 | | | | (21,202 | ) | | | 191,641 | |

| Non-Controlling Interests in Consolidated Entities | | | 4,293,077 | | | | 2,931,134 | | | | — | | | | 7,224,211 | |

| Total Equity | | | 17,522,271 | | | | 3,991,663 | | | | (1,013,265 | ) | | | 20,500,669 | |

| Total Liabilities and Equity | | $ | 42,986,689 | | | $ | 5,802,800 | | | $ | (1,080,514 | ) | | $ | 47,708,975 | |

Blackstone Chengu (Shanghai) Private Fund Partnership*

Hieroglyphs L.P.*

Blackstone Multi-Strategy Hedge Fund L.P.*

Blackstone Quantitative Opportunities Fund Ltd.*

| | | December 31, 2023 | | | | | | | | | | | | | | |

| 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 | |

| Other Assets | | | 944,078 | | | | 770 | | | | — | | | | 944,848 | |

| Total Assets | | $ | 36,443,911 | | | $ | 4,657,346 | | | $ | (813,727 | ) | | $ | 40,287,530 | |

| Loans Payable | | $ | 10,616,937 | | | $ | 687,122 | | | $ | — | | | $ | 11,304,059 | |

| Due to Affiliates | | | 2,273,008 | | | | 220,758 | | | | (100,356 | ) | | | 2,393,410 | |

| 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 | |

| Additional Paid-in-Capital | | | 6,175,190 | | | | 701,792 | | | | (701,792 | ) | | | 6,175,190 | |

| Retained Earnings | | | 660,734 | | | | 11,579 | | | | (11,579 | ) | | | 660,734 | |

| Non-Controlling Interests in Consolidated Entities | | | 3,728,438 | | | | 1,448,817 | | | | — | | | | 5,177,255 | |

| 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 | |

BX Shipston SCSp

Blackstone Private Equity Strategies Fund L.P.

Blackstone Private Equity Strategies Fund SICAV

Blackstone Private Equity Strategies Fund (Master) FCP

Bayswater Park CLO, Ltd.

Peebles Park CLO, Ltd.

Management conducted an assessment of the effectiveness of Blackstone’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] based on the framework established in

Based on this assessment, management has determined that Blackstone’s internal control over financial reporting as of December 31, [removed: 2024] [added: 2025] was effective.

and issued its report on the effectiveness of Blackstone’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] which is included herein.

None.

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, Blackstone hereby incorporates by reference herein Exhibit 99.1 of this report, which includes disclosures provided to us by Mundys S.p.A.

| Stephen A. Schwarzman | | [removed: 78] [added: 79] | | Co-Founder, Chairman and Chief Executive Officer and Director |

| Jonathan D. Gray | | [removed: 55] [added: 56] | | President, Chief Operating Officer and Director |

| Michael S. Chae | | [removed: 56] [added: 57] | | Vice Chairman and Chief Financial Officer |

| John G. Finley | | [removed: 68] [added: 69] | | Chief Legal Officer |

| Vikrant Sawhney | | [removed: 54] [added: 55] | | Chief Administrative Officer and Global Head of Institutional Client Solutions |

| Joseph P. Baratta | | [removed: 54] [added: 55] | | Director |

| James W. Breyer | | [removed: 63] [added: 64] | | Director |

| Reginald J. Brown | | [removed: 57] [added: 58] | | Director |

| Rochelle B. Lazarus | | [removed: 77] [added: 78] | | Director |

| William G. Parrett | | [removed: 79] [added: 80] | | Director |

| Ruth Porat | | [removed: 67] [added: 68] | | Director |

[removed: Since] [added: In June] 2019, he [removed: has] donated [removed: £185] [added: £150] million to the University of Oxford to help redefine the study of the humanities for the 21st century.

[removed: Since] [added: In] 2015, Mr. Schwarzman [removed: has] donated [removed: $162.8] [added: $150] million to Yale University to establish the Schwarzman Center, a

He is [removed: the] [added: a] former

In 2007, Mr. Schwarzman was included in TIME’s “100 Most Influential People.” In 2016, he topped Forbes Magazine’s list of the most influential people in finance and in 2018 was ranked in the Top 50 on Forbes’ list of the “World’s Most Powerful People.” [added: In 2019, he was named one of Barron’s “World’s Best CEOS.”] The Republic of France has awarded Mr. Schwarzman both the Légion d’Honneur and the Ordre des Arts et des Lettres at the Commandeur level.

He joined Blackstone in 1992 in the [removed: M&A] [added: mergers] and [removed: Private Equity] [added: acquisitions and private equity] areas.

[removed: They have also established numerous programs for low-income] children in New York, including creating NYC Kids RISE, [added: a] college savings initiative provided to every NYC public school kindergartner.

Since joining Blackstone in 1997, Mr. Chae has served in a broad range of leadership roles including Head of International Private Equity, Head of Private Equity for [removed: Asia/Pacific,] [added: Asia Pacific,] and as a senior partner in the U.S. private equity business, where he led numerous investments and served on the boards of many private and [removed: publicly traded] [added: publicly-traded] portfolio companies.

Mr. Chae serves on the boards of the Harvard Management Company, the Robin Hood [removed: Foundation,] [added: Foundation and] the Asia [removed: Society and St. Bernard’s School.][added: Society.]

Mr. Finley is [removed: an Adviser on the American Law Institute’s Restatement of the Law, Corporate Governance project and] a member of the [added: American Law Institute;] Dean’s Advisory Board [added: and Chairman] of [added: the Visiting Committee, of] Harvard Law [removed: School,] [added: School;] Gettysburg [removed: Foundation, and] [added: Foundation;] Board of Advisors of the Penn Institute for Law and [removed: Economics.][added: Economics; and NYU Institute for Corporate Governance and Finance.]

Mr. Finley received a BS in [removed: Economics] [added: Economics, summa cum laude,] from the Wharton School of the University of Pennsylvania, a BA in [removed: History] [added: History, summa cum laude,] from the College of Arts and Sciences of the University of Pennsylvania, and a [removed: JD] [added: JD, cum laude,] from Harvard Law School.

Mr. Sawhney has served as Blackstone’s Chief Administrative Officer and Global Head of Institutional Client [removed: Services] [added: Solutions] since September 2019.

Mr. Baratta joined the board of directors in March 2020 and has served as Blackstone’s Global Head of Private Equity [added: Strategies] since July 2012.

Mr. Baratta has served on the boards of a number of Blackstone portfolio companies and currently serves as a member or observer on the boards of directors of [removed: First Eagle Investment Management, Refinitiv,] SESAC, Ancestry, Candle Media and Merlin Entertainments Group.

Mr. Breyer is [removed: currently] a member of Harvard Business School’s Board of Dean’s Advisors, a member of Harvard University’s Global Advisory Council, a founding member of the Dean’s Advisory Board of Stanford University’s School of Engineering, Chairman of the Stanford Engineering Venture Fund and founding member of the Stanford Institute for Human-Assisted Artificial Intelligence Advisory Board.

Mr. Parrett was also previously a member of the boards of directors of [added: Oracle Corporation,] Eastman Kodak Company, Thermo Fisher Scientific Inc., UBS AG, UBS Americas, Conduent Inc. and ThoughtWorks, Inc. Mr. Parrett is a past Senior Trustee of the United States Council for International Business and a past Chairman of the Board of Trustees of United Way Worldwide.

[removed: As] [added: She has served as] President and Chief Investment [removed: Officer, she has] [added: Officer of Alphabet and Google since September 2023 with] responsibility [removed: for, among other things, their] [added: for] corporate investments and investment vehicles, including GV and CapG, the Other Bets investment portfolio, Real Estate and Workplace Services, and other infrastructure.

The role [removed: also] includes engaging with policymakers and regulators globally [removed: regarding their contributions] [added: about Alphabet and Google’s business and impact across markets related] to economic growth, job creation and [removed: opportunity, competitiveness, and infrastructure expansion.][added: opportunity.]

The Series II Preferred Stockholder elects our board of directors in accordance with the Series II Preferred Stockholder’s limited liability company agreement, where our senior managing directors have agreed that [removed: our][added: Mr. Schwarzman, in his capacity as founding member, will have the power to vote upon, act upon, consent to, approve or otherwise determine any matters to be voted upon, acted upon, consented to, approved or otherwise determined by the members of the Series II Preferred Stockholder.]

The limited liability company agreement of our Series II Preferred Stockholder provides that at such time as Mr. Schwarzman should cease to be [removed: a] [added: the] founding [removed: member,] [added: member of the Series II Preferred Stockholder,] Jonathan D.

Gray will thereupon succeed Mr. Schwarzman as the [removed: sole] founding member of our Series II Preferred [removed: Stockholder, and thereafter such power will revert to the members of Series II Preferred Stockholder holding a majority in interest in the Series II Preferred] Stockholder.

[removed: Ayotte,] Lazarus and Porat.

We have adopted policies and procedures governing the purchase, sale and/or other dispositions of our securities by directors, officers and employees and by Blackstone that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and the listing standards of the [removed: New York Stock Exchange.][added: NYSE.]

A copy of our Securities Trading [removed: Policies] [added: Policy] and Procedures Governing Transactions [added: in] Blackstone Securities is filed as Exhibit 19.1 to this Annual Report on

Also, at the University of Oxford, Mr. Schwarzman was elected a Wykeham Fellow at New College in 2021 and a Waynflete Fellow at Magdalen College in 2023.

He is a recipient of the Arthur Ross Award for Patronage from the Institute of Classical Architecture and Art.

They have also established numerous programs for

low-income

Mr. Chae received an AB from Harvard College, an MPhil.

He is a trustee emeritus and the former President of the board of trustees of the Lawrenceville School.

He has also been a Lecturer in Law at Harvard Law School.

He also previously served on the boards of directors of First Eagle Investment Management and Refinitiv.

Ms. Porat also oversees Alphabet and Google’s philanthropic efforts and work to expand access to digital infrastructure and skilling initiatives globally.

From and after such time, the members of the Series II Preferred Stockholder constituting a “Majority in Interest of the Members” (and with no member having greater than a 24.9% voting interest) will have the power to remove the founding member and designate a successor.

Before joining Blackstone, Mr. Chae worked at The Carlyle Group and Dillon, Read & Co. Mr. Chae received an AB from Harvard College, an MPhil.

He previously served as the President of the board of trustees of the Lawrenceville School where he remains a trustee emeritus.

Certain of the member firms of Deloitte Touche Tohmatsu or their subsidiaries and affiliates provide professional services to Blackstone or its affiliates.

Mr. Parrett is a member of the board of directors and the nominating and governance committee of Oracle Corporation.

She has served as President and Chief Investment Officer of Alphabet and Google since September 2023.

Co-Founder,

Mr. Schwarzman, will have the power to vote upon, act upon, consent to, approve or otherwise determine any matters to be voted upon, acted upon, consented to, approved or otherwise determined by the members of the Series II Preferred Stockholder.

In addition, Mr. Mulroney and Ms. Ayotte, who ceased to be directors on our board of directors effective February 29, 2024 and November 14, 2024, respectively, each satisfied the independence requirements of the NYSE during his or her respective tenure.

Delinquent Section 16(a) Reports

On August 5, 2024, Blackstone discovered that a filing it had scheduled to be made for its Principal Accounting Officer via its filing agent’s software had not been properly transmitted by the software to the SEC on August 2nd as Blackstone had scheduled.

Immediately after the error was discovered, Blackstone contacted its filing agent.

The filing agent notified Blackstone that this was due to a technical error in the filing agent’s software.

The filing agent

re-filed

the Form 4 that same day.

The intellectual capital collectively possessed by our senior managing directors (including our named executive [removed: officers)] [added: officers)] and other employees is the most important asset of our firm.

[removed: In applicable] jurisdictions, specifically in the European Union and the United Kingdom, our compensation program includes additional remuneration policies that may limit or otherwise alter the compensation [added: structure] for certain employees, consistent with local regulatory requirements, and are aimed at, among other things, discouraging inappropriate risk-taking and aligning compensation with the firm’s strategy and long-term interests, consistent with our general compensation program.

Our senior management periodically reviews the [removed: effectiveness] [added: effectiveness] and competitiveness of our compensation program, and such reviews may in the future involve the assistance of independent consultants.

As part of our compensation philosophy and program, we require our named executive [removed: officers] [added: officers] to invest their own capital in and alongside the funds that we manage.

We believe that this strengthens the alignment of interests between our named executive [removed: officers] [added: officers] and the investors in those investment funds.

Certain Relationships and Related Transactions, and Director Independence — Investment In or Alongside Our Funds.” In determining compensation for our named executive [removed: officers,] [added: officers,] we do not take into account the gains or losses attributable to the personal investments by our named executive [removed: officers] [added: officers] in our investment funds.

We believe the continued ownership by our named executive [removed: officers] [added: officers] of significant amounts of our equity [removed: affords] [added: affords] significant alignment of interests with our stockholders.

For equity awards granted in 2019 and onward (other than grants made under our Bonus Deferral Plan), our named executive [removed: officers] [added: officers] are required to hold 25% of their vested equity for two years after the applicable vesting event.

If the named executive [removed: officer’s] [added: officer’s] employment terminates prior to such time, however, such 25% of the vested equity must be held for two years after termination of employment.

The minimum retained ownership requirements for our named executive [removed: officers] [added: officers] are further described below under [removed: “— Narrative] [added: “—Narrative] Disclosure to Summary Compensation Table and Grants of Plan-Based Awards in [removed: 2024] [added: 2025] — Terms of Discretionary Equity Awards — Minimum Retained Ownership Requirements.”

In [removed: 2024,] [added: 2025,] our named executive officers were:

The key elements of the compensation of our named executive [removed: officers] [added: officers] for [removed: 2024] [added: 2025] were base compensation, which is composed of base salary, cash bonus and equity-based compensation, and performance compensation, which is composed of carried interest and incentive fee allocations:

Each named executive [removed: officer] [added: officer] received a $350,000 annual base salary in [removed: 2024,] [added: 2025,] which equals the total yearly partnership drawings that were received by each of our senior managing directors prior to our initial public [removed: offering] [added: offering] in 2007.

Since our initial public [removed: offering,] [added: offering,] Mr. Schwarzman has not received any cash compensation other than the $350,000 annual salary described above and the actual realized carried interest distributions or incentive fees he may receive in respect of his participation in the carried interest or incentive fees earned from our funds through our Performance Plans described below.

Each of our named executive officers other than Mr. Schwarzman received annual bonus payments in respect of [removed: 2024] [added: 2025] in addition to their base salary.

[added: The ultimate bonus payment amounts were] based on (a) the prior and anticipated performance of the named executive officer, (b) the prior and anticipated performance of the firm’s segments and product lines, (c) the overall success of the firm and (d) [removed: where applicable,] the estimated participation interests given to the named executive officer at the beginning of the year in respect of the investments to be made in that year.

We make annual bonus payments in the first quarter of the [removed: ensuing] year to reward individual performance for the prior year.

The ultimate bonus payments that are made are fully discretionary as further discussed below under [removed: “— Determination] [added: “—Determination] of Incentive Compensation.”

For [removed: 2024,] [added: 2025,] all named executive officers other than Mr. Schwarzman were selected to participate in the Bonus Deferral Plan.

On January [removed: 10, 2025,] [added: 12, 2026,] Mr. Gray, Mr. Chae, Mr. Finley and Mr. Sawhney each received a deferral award under the Bonus Deferral Plan of deferred restricted common stock units in respect of their service in [removed: 2024.][added: 2025.]

The percentage of the [removed: 2024] [added: 2025] annual cash bonus payment mandatorily deferred into deferred restricted common stock units for Messrs.

These awards are reflected as stock awards for fiscal year [removed: 2024] [added: 2025] in the Summary Compensation Table and in the Grants of Plan-Based Awards in [removed: 2024] [added: 2025] table.

On April 1, [removed: 2024,] [added: 2025,] Mr. Gray, Mr. Chae, Mr. Finley and Mr. Sawhney were awarded a discretionary award of [removed: 197,896, 79,159, 71,243] [added: 201,621, 100,811, 100,811] and [removed: 71,243] [added: 85,689] deferred restricted common stock units, respectively.

These awards reflected [removed: 2023] [added: 2024] performance and were intended to further promote retention and to incentivize future performance.

The awards will vest 10% on July 1, [removed: 2025,] [added: 2026,] 10% on July 1, [removed: 2026,] [added: 2027,] 20% on July 1, [removed: 2027,] [added: 2028,] 30% on July 1, [removed: 2028] [added: 2029] and 30% on July 1, [removed: 2029.][added: 2030.]

These awards are reflected as stock awards for fiscal [removed: 2024] [added: 2025] in the Summary Compensation Table and in the Grants of Plan-Based Awards in [removed: 2024] [added: 2025] table.

In January [removed: 2025,] [added: 2026,] Mr. Gray, Mr. Chae, Mr. Finley and Mr. Sawhney were each informed of anticipated discretionary awards of deferred restricted common stock units with values of [removed: $30,000,000, $15,000,000, $15,000,000] [added: $34,000,000, $17,150,000, $17,100,000] and [removed: $12,750,000,] [added: $14,500,000,] respectively.

These anticipated awards reflect [removed: 2024] [added: 2025] performance and are intended to further promote retention and to incentivize future performance.

These awards are expected to be granted under the 2007 Equity Incentive Plan on April 1, [removed: 2025,] [added: 2026,] subject to the named executive officer’s continued employment through such date.

Once granted, these awards will vest 10% on July 1, [removed: 2026,] [added: 2027,] 10% on July 1, [removed: 2027,] [added: 2028,] 20% on July 1, [removed: 2028,] [added: 2029,] 30% on July 1, [removed: 2029] [added: 2030] and 30% on July 1, [removed: 2030] [added: 2031] and will be reflected as stock awards for fiscal [removed: 2025] [added: 2026] in the Summary Compensation Table and in the Grants of Plan-Based Awards in [removed: 2025] [added: 2026] table.

During [removed: 2024,] [added: 2025,] all of our named executive officers participated in the carried interest and/or the incentive fees of our funds through their participation interests in the carry or incentive fee pools generated by these funds.

For purposes of our financial statements, we treat the income allocated to all our personnel who have participation interests in the carried interest or incentive fees generated by our funds as compensation, and the amounts of carried interest and [added: incentive fees earned by named executive officers are reflected as “All Other Compensation” in the Summary Compensation Table.]

Distributions in respect of our Performance Plans for each named executive officer are determined on the basis of the percentage participation in the relevant investments previously allocated to that named executive officer, which percentage participations are [removed: established in] [added: effective as of] January of each year in respect of the investments to be made in that year.

In allocating participation interests in the carry pools, we have not historically taken into account or based such allocations on any prior or projected triggering of any “clawback” obligation related to [removed: any fund.]

To the extent any “clawback” obligation were to be triggered for a fund, carried interest previously distributed to a named executive officer [added: (or held back in escrow, as discussed above)] would have to be returned to the limited partners of such fund, thereby reducing the named executive officer’s overall compensation for any such year.

[removed: Cash distributions of incentive fees] to our named executive officers and other employees who participate in our Performance Plans relating to the funds that pay incentive fees depend on the performance of the investments owned by those funds in which they participate.

Compensation we receive from investment advisory clients in the form of securities may be allocated to employees [added: and senior managing directors.]

[removed: In 2024,] Messrs.

(See [removed: “— Narrative] [added: “—Narrative] Disclosure to Summary Compensation Table and Grants of Plan-Based Awards in [removed: 2024 —Schwarzman] [added: 2025 — Schwarzman] Founding Member Agreement.”) [removed: Mr. Schwarzman is provided certain security services, which may include home security systems and monitoring, and personal and related security services.]

These security services are provided for our benefit, and we consider the related expenses to be appropriate business expenses rather than personal benefits for Mr. [removed: Schwarzman.][added: Schwarzman and Mr. Gray.]