Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our predominant exposure to market risk is related to our role as general partner or investment adviser to the Blackstone Funds and the sensitivities to movements in the fair value of their investments, including the effect on management fees, performance revenues and investment income. There were no material changes in our market risks as of June 30, 2023 as compared to March 31, 2023 and December 31, 2022. For additional information, refer to our Quarterly Report on Form

10-Q

for the quarter ended March 31, 2023 and our Annual Report on

Form 10-K

for the year ended December 31, 2022.