Blackstone Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Blackstone Inc. has filed its 2023 10-K report, detailing financial performance, debt, and related party transactions.</b>

AI Summary

Blackstone Inc. (BX) filed a Annual Report (10-K) with the SEC on February 23, 2024. Blackstone Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing details the company's financial position, business operations, and risk factors. Key financial instruments and debt obligations, including senior notes, are described. The report outlines covenants and events of default related to the company's long-term borrowings. Information on related party transactions and affiliate receivables/payables is included.

Why It Matters

For investors and stakeholders tracking Blackstone Inc., this filing contains several important signals. This 10-K provides investors with a comprehensive overview of Blackstone's financial health and operational risks for the fiscal year 2023. Understanding the details of their debt instruments, such as senior notes and associated covenants, is crucial for assessing financial stability and potential liabilities.

Risk Assessment

Risk Level: — Blackstone Inc. shows moderate risk based on this filing. The company's long-term borrowings are subject to covenants that limit its ability to incur certain indebtedness or engage in mergers and asset sales, and events of default could lead to accelerated repayment.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Blackstone's financial position and potential liabilities.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-02-23 — Filing Date (The date the 10-K was filed with the SEC.)

Key Players & Entities

• Blackstone Inc. (company) — Filer of the 10-K report.
• Blackstone Group Inc. (company) — Former name of the company.
• Blackstone Group L.P. (company) — Former name of the company.
• New York (location) — City of the company's business and mail address.
• 345 Park Avenue (location) — Street address for business and mail.

FAQ

Risk Factors

• Long-term Borrowings and Covenants [medium — financial]: The company's senior notes are subject to covenants that restrict indebtedness and mergers, and events of default can lead to accelerated payment.

Industry Context

Blackstone Inc. operates in the investment management industry, providing a range of investment services globally.

Regulatory Implications

The filing adheres to the regulations set forth by the Securities and Exchange Commission (SEC) for annual reports (Form 10-K).

What Investors Should Do

1. Analyze the 'Notes to Consolidated Financial Statements' for detailed information on debt, derivatives, and related party transactions.
2. Evaluate the 'Risk Factors' section for potential threats to the company's business and financial performance.
3. Compare key financial metrics with previous filings to identify trends and changes in performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

Senior Notes

Unsecured and unsubordinated long-term debt obligations of the Issuer. (Represents a significant portion of the company's long-term borrowings and is subject to specific covenants and redemption terms.)

Covenants

Restrictions and requirements imposed by debt agreements on the issuer's actions. (These limit the company's financial flexibility and could trigger events of default if violated.)

Events of Default

Specific occurrences, such as bankruptcy or covenant breaches, that allow lenders to demand immediate repayment of debt. (The potential for these events to occur poses a risk to the company's liquidity and financial stability.)

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ended December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $1.0 — ssets in which we invest. Our more than $1.0 trillion in Total Assets Under Manageme
• $336.9 billion — l leader in real estate investing, with $336.9 billion of Total Assets Under Management as of
• $304.0 billion — of approximately 625 employees managing $304.0 billion of Total Assets Under Management as of

Filing Documents

• d734131d10k.htm (10-K) — 9873KB
• d734131dex109.htm (EX-10.9) — 45KB
• d734131dex1082.htm (EX-10.82) — 62KB
• d734131dex10121.htm (EX-10.121) — 61KB
• d734131dex211.htm (EX-21.1) — 523KB
• d734131dex231.htm (EX-23.1) — 15KB
• d734131dex311.htm (EX-31.1) — 11KB
• d734131dex312.htm (EX-31.2) — 11KB
• d734131dex321.htm (EX-32.1) — 5KB
• d734131dex322.htm (EX-32.2) — 5KB
• d734131dex971.htm (EX-97.1) — 18KB
• d734131dex991.htm (EX-99.1) — 2KB
• d734131d10k1.pdf (10-K) — 1801KB
• g734131page001.jpg (GRAPHIC) — 7KB
• g734131page097.jpg (GRAPHIC) — 83KB
• g734131page107.jpg (GRAPHIC) — 132KB
• g734131page114.jpg (GRAPHIC) — 98KB
• g734131page116.jpg (GRAPHIC) — 103KB
• g734131page117.jpg (GRAPHIC) — 105KB
• g734131page152.jpg (GRAPHIC) — 75KB
• 0001193125-24-044485.txt (&nbsp;) — 35944KB
• bx-20231231.xsd (EX-101.SCH) — 129KB
• bx-20231231_cal.xml (EX-101.CAL) — 81KB
• bx-20231231_def.xml (EX-101.DEF) — 892KB
• bx-20231231_lab.xml (EX-101.LAB) — 876KB
• bx-20231231_pre.xml (EX-101.PRE) — 940KB
• d734131d10k_htm.xml (XML) — 7343KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 81 Item 1C. Cybersecurity 81 Item 2.

Properties

Properties 83 Item 3.

Legal Proceedings

Legal Proceedings 83 Item 4. Mine Safety Disclosures 83 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 84 Item 6. (Reserved) 86 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 86 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 149 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 153 Item 8A. Unaudited Supplemental Presentation of Statements of Financial Condition 228 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 231 Item 9A.

Controls and Procedures

Controls and Procedures 231 Item 9B. Other Information 232 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 232 Part III. Item 10. Directors, Executive Officers and Corporate Governance 233 Item 11.

Executive Compensation

Executive Compensation 240 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 260 Item 13. Certain Relationships and Related Transactions, and Director Independence 264 Item 14. Principal Accountant Fees and Services 270 Part IV. Item 15. Exhibits and Financial Statement Schedules 271 Item 16. Form 10-K Summary 287

Signatures

Signatures 288 1 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This report may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which reflect our current views with respect to, among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identify these forward-looking statements by the use of words such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "scheduled," "estimates," "anticipates," "opportunity," "leads," "forecast" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in this report, as such factors may be updated from time to time in our periodic filings with the United States Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings. The forward-looking statements speak only as of the date of this report, and we undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Risk Factor Summary The following is only a summary of the principal risks that may materially adversely affect our business, financial condition, results of operations and cash flows. The following should be read in conjunction

Business

Business Overview Blackstone is the world's largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies and assets in which we invest. Our more than $1.0 trillion in Total Assets Under Management as of December 31, 2023 include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Our businesses use a solutions-oriented approach to drive better performance. We believe our scale, diversified business, long record of investment performance, rigorous investment process and strong client relationships position us to continue to perform well in a variety of market conditions, expand our assets under management, and innovate. We invest across asset classes on behalf of our investors, including pension funds, insurance companies and individual investors. Our mission is to fulfill our fiduciary duty by creating long-term value for our investors. We aim to do this by strengthening the companies, real estate assets and other investments in our portfolio, equipping them to thrive in the global economy. To the extent our funds perform well, we can support a better retirement for tens of millions of pensioners, including teachers, nurses and firefighters. As of December 31, 2023, we employed approximately 4,735 people, including our 239 senior managing directors, at our headquarters in New York and around the world. Our employees are integral to Blackstone's culture of integrity, professionalism and excellence. We believe hiring, training and retaining talented individuals, coupled with our rigorous investment process, has supported our excellent investment record over many years. This record, in turn, has enabled us to innovate into new strategies, drive growth and better serve our investors. Business Segments Our four business segments are: (a) Real Estate, (b) Private

View Full Filing

View this 10-K filing on SEC EDGAR