Name: Blackstone Inc. Debt Disclosure
Creator: Blackstone Inc.
License: https://creativecommons.org/publicdomain/mark/1.0/

12.	Borrowings

On October

16, 2025, Blackstone Holdings Finance Co. L.L.C., as borrower, and Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., as guarantors, entered into an amended and restated $

4.325

billion revolving credit facility (the “Revolving Credit Facility”) with Citibank, N.A., as administrative agent, and the lenders party thereto. 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

October 16, 2030

and increase the aggregate required minimum amount of fee generating assets under management.

On November

3, 2025, Blackstone, through its subsidiary Blackstone Reg Finance Co. L.L.C., issued $

600

million aggregate principal amount of senior notes due November 3, 2030 (the “Registered 2030 Notes”), and $

600

million aggregate principal amount of 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 Form

S-3.

The Registered 2030 Notes have an interest rate of

4.300

% per annum, and the Registered 2036 Notes have an interest rate of

4.950

%. The Registered Notes accrue interest from November 3, 2025. Interest on the Registered 2030 Notes is payable semi-annually in arrears on May 3 and November 3 of each year commencing on May 3, 2026. Interest on the Registered 2036 Notes is payable semi-annually in arrears on February 15 and August 15 of each year commencing on February 15, 2026.

All of Blackstone’s outstanding senior notes as of December 31, 2025 are unsecured

and

unsubordinated obligations of Blackstone Holdings Finance Co. L.L.C. or Blackstone Reg Finance Co. L.L.C. (together, the “Issuers”), as applicable, both indirect subsidiaries of Blackstone, that are fully and unconditionally guaranteed by Blackstone Inc. and its indirect subsidiaries, Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. (the “Guarantors”). The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to senior note issuances have been capitalized and are amortized over the life of each respective note issuance.

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


	December 31,
	2025							2024
	Credit Available		Borrowing Outstanding		Effective Interest Rate			Credit Available		Borrowing Outstanding		Effective Interest Rate
Revolving Credit Facility (a)	$	4,325,000	$	—		—		$	4,325,000	$	—		—
Blackstone Issued Senior Notes (b)
2.000%, Due 5/19/2025		—		—		—			310,620		310,620		2.10	%
1.000%, Due 10/5/2026		704,760		704,760		1.26	%		621,240		621,240		1.13	%
3.150%, Due 10/2/2027		300,000		300,000		3.30	%		300,000		300,000		3.30	%
5.900%, Due 11/3/2027		600,000		600,000		6.13	%		600,000		600,000		6.13	%
1.625%, Due 8/5/2028		650,000		650,000		1.79	%		650,000		650,000		1.79	%
1.500%, Due 4/10/2029		704,760		704,760		1.73	%		621,240		621,240		1.56	%
2.500%, Due 1/10/2030		500,000		500,000		2.73	%		500,000		500,000		2.73	%
4.300%, Due 11/3/2030		600,000		600,000		4.59	%		—		—		—
1.600%, Due 3/30/2031		500,000		500,000		1.71	%		500,000		500,000		1.71	%
2.000%, Due 1/30/2032		800,000		800,000		2.18	%		800,000		800,000		2.18	%
2.550%, Due 3/30/2032		500,000		500,000		2.67	%		500,000		500,000		2.67	%
6.200%, Due 4/22/2033		900,000		900,000		6.33	%		900,000		900,000		6.33	%
3.500%, Due 6/1/2034		587,300		587,300		4.22	%		517,700		517,700		3.79	%
5.000%, Due 12/6/2034		750,000		750,000		5.16	%		750,000		750,000		5.23	%
4.950%, Due 2/15/2036		600,000		600,000		5.15	%		—		—		—
6.250%, Due 8/15/2042		250,000		250,000		6.65	%		250,000		250,000		6.65	%
5.000%, Due 6/15/2044		500,000		500,000		5.16	%		500,000		500,000		5.16	%
4.450%, Due 7/15/2045		350,000		350,000		4.56	%		350,000		350,000		4.56	%
4.000%, Due 10/2/2047		300,000		300,000		4.20	%		300,000		300,000		4.20	%
3.500%, Due 9/10/2049		400,000		400,000		3.61	%		400,000		400,000		3.61	%
2.800%, Due 9/30/2050		400,000		400,000		2.88	%		400,000		400,000		2.88	%
2.850%, Due 8/5/2051		550,000		550,000		2.91	%		550,000		550,000		2.91	%
3.200%, Due 1/30/2052		1,000,000		1,000,000		3.27	%		1,000,000		1,000,000		3.27	%

		16,771,820		12,446,820					15,645,800		11,320,800
Other (c)
Secured Borrowing, Due 10/27/2033		—		—		—			19,949		19,949		6.94	%
Secured Borrowing, Due 1/29/2035		—		—		—			20,000		20,000		6.94	%

		16,771,820		12,446,820					15,685,749		11,360,749

Borrowings of Consolidated Blackstone Funds
Blackstone Fund Facilities (d)		129,767		129,767		7.12	%		—		—		—
CLO Notes Payable (e)		—		—		—			99,419		99,419		8.72	%

		129,767		129,767					99,419		99,419

	$	16,901,587	$	12,576,587				$	15,785,168	$	11,460,168

(a)

Represents the Revolving Credit Facility of Blackstone, through Blackstone Holdings Finance Co. L.L.C. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee of 0.06%. The margin above adjusted SOFR used to calculate interest on borrowings was 0.75% plus an additional credit spread adjustment of 0.10% to account for the difference between London Interbank Offered Rate (“LIBOR”) and SOFR. The margin is subject to change based on Blackstone’s credit rating. Borrowings may also be made in U.K. sterling, euros, Swiss francs, Japanese yen or Canadian dollars, in each case subject to certain

sub-limits.

The Revolving Credit Facility contains customary representations, covenants and events of default. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of

fee-earning

assets under management, each tested quarterly. As of December 31, 2025 and 2024, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $39.3 million and $38.9 million, respectively. The amount Blackstone can draw from the

Revolving

Credit Facility is reduced by the undrawn letters of credit, however the Credit Available presented herein is not reduced by the undrawn letters of credit. In February 2026, Blackstone drew $900.0 million under the Revolving Credit Facility.

(b)

The Issuers have issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuers. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuers. The guarantees are unsecured and unsubordinated obligations of the Guarantors. Transaction costs related to the issuance of the Notes have been deducted from the Note liability and are being amortized over the life of the Notes. The indentures include covenants, including limitations on the Issuers’ and the Guarantors’ ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or lease assets. The indentures also provide for events of default and further provide that the trustee or the holders of not less than

% in aggregate principal amount of the outstanding Notes may declare the Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the Notes and any accrued and unpaid interest on the Notes automatically become due and payable. All or a portion of the Notes may be redeemed at the Issuers’ option in whole or in part, at any time and from time to time, prior to their stated maturity, at the make-whole redemption price set forth in the Notes. If a change of control repurchase event occurs, the holders of the Notes may require the Issuers to repurchase the Notes at a repurchase price in cash equal to

101

% of the aggregate principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase.

(c)	The Secured Borrowings Due 10/27/2033 and 1/29/2035 were repaid during the year ended December 31, 2025.

(d)

Blackstone Fund Facilities represent borrowing facilities for the various consolidated Blackstone Funds that are used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until a disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ.

(e)

CLO Notes Payable have maturity dates ranging from

June 2025 to January 2037

. For periods prior to December 31, 2025, a portion of the outstanding borrowings consisted of subordinated notes, which did not have contractual interest rates but instead received distributions from the excess cash flows generated by the CLO vehicles. As of December 31, 2025, the CLO Notes Payable were fully deconsolidated, and there are no outstanding borrowings for the current period.

The following table presents the general characteristics of each of Blackstone’s borrowings as of December 31, 2025 and 2024, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone Holdings Finance Co. L.L.C. or Blackstone Reg Finance Co. L.L.C., as applicable, both indirect subsidiaries of Blackstone. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a

semi-annual

basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis.


	December 31,
	2025				2024
Description	Carrying Value		Fair Value		Carrying Value		Fair Value
Blackstone Operating Borrowings
Senior Notes (a)
2.000 %, Due 5/19/2025	$	—	$	—	$	315,860	$	309,502
1.000 %, Due 10/5/2026		711,022		696,585		624,078		601,801
3.150 %, Due 10/2/2027		299,264		295,941		298,864		287,007
5.900 %, Due 11/3/2027		597,667		619,068		596,505		617,550
1.625 %, Due 8/5/2028		647,359		610,688		646,374		579,189
1.500 %, Due 4/10/2029		713,034		673,772		626,043		584,295
2.500 %, Due 1/10/2030		495,590		467,930		494,568		444,970
4.300 %, Due 11/3/2030		594,461		600,162		—		—
1.600 %, Due 3/30/2031		497,384		435,810		496,911		403,415
2.000 %, Due 1/30/2032		791,761		689,088		790,508		644,816
2.550 %, Due 3/30/2032		496,635		444,025		496,146		417,830
6.200 %, Due 4/22/2033		893,266		975,870		892,561		946,818
3.500 %, Due 6/1/2034		559,079		582,161		489,624		522,877
5.000 %, Due 12/6/2034		741,552		757,718		741,218		726,023
4.950 %, Due 2/15/2036		594,586		596,592		—		—
6.250 %, Due 8/15/2042		240,076		264,443		239,756		254,095
5.000 %, Due 6/15/2044		490,561		466,615		490,261		457,335
4.450 %, Due 7/15/2045		344,996		302,855		344,840		290,836
4.000 %, Due 10/2/2047		291,605		236,016		291,372		230,337
3.500 %, Due 9/10/2049		392,808		286,888		392,618		277,496
2.800 %, Due 9/30/2050		394,405		246,808		394,252		238,256
2.850 %, Due 8/5/2051		543,643		345,164		543,478		329,791
3.200 %, Due 1/30/2052		987,969		670,740		987,682		652,770

		12,318,723		11,264,939		11,193,519		9,817,009
Other (b)
Secured Borrowing, Due 10/27/2033		—		—		19,949		19,949
Secured Borrowing, Due 1/29/2035		—		—		20,000		20,000

		12,318,723		11,264,939		11,233,468		9,856,958

Borrowings of Consolidated Blackstone Funds
Blackstone Fund Facilities		126,421		129,767		—
CLO Notes Payable		—		—		87,488		87,488

		126,421		129,767		87,488		87,488

	$	12,445,144	$	11,394,706	$	11,320,956	$	9,944,446

(a)	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

(b)	The Secured Borrowings Due 10/27/2033 and 1/29/2035 were repaid during the year ended December 31, 2025.

Scheduled principal payments for borrowings at December 31, 2025 were as follows:


	Blackstone Operating Borrowings		Borrowings of Consolidated Blackstone Funds		Total Borrowings
2026	$	704,760	$	—	$	704,760
2027		900,000		—		900,000
2028		650,000		—		650,000
2029		704,760		—		704,760
2030		1,100,000		129,767		1,229,767
Thereafter		8,387,300		—		8,387,300

	$	12,446,820	$	129,767	$	12,576,587

Historical Timeline

Fiscal Year	Filed
2025	Feb 27, 2026	Showing above
2024	Feb 28, 2025

2023	Feb 23, 2024

2022	Feb 24, 2023

2021	Feb 25, 2022

2020	Feb 26, 2021

2019	Feb 28, 2020

2018	Mar 1, 2019

2017	Mar 1, 2018

2016	Feb 24, 2017

2015	Feb 26, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

Blackstone Inc. Debt Disclosure

Historical Timeline

About Debt Disclosures

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