Blackstone's 2023 10-K Details Investment Holdings & Clawback Structure

TL;DR

**Blackstone's 2023 10-K reveals key details on its investment portfolio and how it handles performance-based clawbacks.**

AI Summary

Blackstone Inc. filed its 10-K on February 23, 2024, for the fiscal year ending December 31, 2023. The filing details the company's financial performance and structure, including its investment in equity securities, partnerships, and LLC interests, and the treatment of Level III Freestanding Derivatives within 'Other Investments'. It also outlines the clawback mechanism split between Blackstone Holdings and current/former personnel based on individual investment performance.

Why It Matters

This filing provides critical transparency into Blackstone's financial health and operational specifics, impacting investor confidence and market valuation.

Risk Assessment

Risk Level: medium — The complexity of Level III Freestanding Derivatives and the nuanced clawback structure introduce inherent valuation and operational risks.

Key Numbers

• 20231231 — Conformed Period of Report (Indicates the fiscal year-end for the reported data.)
• 001-33551 — SEC File Number (Unique identifier for Blackstone's SEC filings.)
• 148 — Public Document Count (Number of pages or sections in the filing, indicating its comprehensiveness.)

Key Players & Entities

• Blackstone Inc. (company) — Filer of the 10-K
• Blackstone Holdings (company) — Party involved in clawback calculations
• Current and Former Personnel (person) — Recipients/contributors in clawback calculations
• December 31, 2023 (date) — End of the fiscal year reported
• February 23, 2024 (date) — Filing date of the 10-K

FAQ

From the Filing

0001193125-24-044485.txt : 20240223 0001193125-24-044485.hdr.sgml : 20240223 20240223160315 ACCESSION NUMBER: 0001193125-24-044485 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 148 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240223 DATE AS OF CHANGE: 20240223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Blackstone Inc. CENTRAL INDEX KEY: 0001393818 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33551 FILM NUMBER: 24671070 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: (212) 583-5000 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154 FORMER COMPANY: FORMER CONFORMED NAME: Blackstone Inc DATE OF NAME CHANGE: 20210806 FORMER COMPANY: FORMER CONFORMED NAME: Blackstone Group Inc DATE OF NAME CHANGE: 20190628 FORMER COMPANY: FORMER CONFORMED NAME: Blackstone Group L.P. DATE OF NAME CHANGE: 20070320 10-K 1 d734131d10k.htm 10-K 10-K P3Y P3Y http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember false FY 0001393818 http://fasb.org/us-gaap/2023#UnrealizedGainLossOnInvestments http://fasb.org/us-gaap/2023#UnrealizedGainLossOnInvestments http://fasb.org/us-gaap/2023#OtherAssets http://fasb.org/us-gaap/2023#OtherAssets Equity Securities, Partnership and LLC Interest includes investments in investment funds As of December 31, 2023 and 2022, Other Investments includes Level III Freestanding Derivatives. The split of clawback between Blackstone Holdings and Current and Former Personnel is based on the performance of individual investments held by a fund rather than on a fund by fund basis. Total is a component of Due to Affiliates. See Note 18. “Related Party Transactions — Affiliate Receivables and Payables — Due to Affiliates.” The Issuer has issued long-term borrowings in the form of senior notes (the “Notes”). The Notes are unsecured and unsubordinated obligations of the Issuer. The Notes are fully and unconditionally guaranteed, jointly and severally, by Blackstone, the Guarantors and the Issuer. 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 Issuer’s 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 25% 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 Issuer’s 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 Issuer 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 includin