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    Blackstone (BX)

    Blackstone Inc. is the world's largest alternative asset manager, managing over $1 trillion in total assets as of December 31, 2023. The company operates through four main business segments: Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions, generating revenue primarily through management fees, performance allocations, and incentive fees, which vary with market conditions and business cycles . Blackstone offers a diverse range of investment products, including traditional drawdown funds, perpetual capital vehicles, and customized fund solutions, and has been expanding its private wealth strategy to cater to high-net-worth and mass affluent individual investors .

    1. Real Estate - Leads globally in real estate investing, focusing on high-quality assets with growth potential, such as logistics, data centers, rental housing, and hospitality .
    2. Private Equity - Targets a broad range of investments, including corporate private equity, energy transition, and growth equity .
    3. Credit & Insurance - Includes strategies like direct lending and opportunistic credit .
    4. Hedge Fund Solutions - Manages a variety of hedge fund strategies and includes the GP Stakes business; will be renamed Multi-Asset Investing in 2024 .

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    NamePositionExternal RolesShort Bio

    Jonathan D. Gray

    ExecutiveBoard

    President and Chief Operating Officer

    Chairman of the board of directors of Hilton Worldwide Holdings Inc; Board of directors of Corebridge Financial; Involved with Harlem Village Academies.

    Jonathan D. Gray is the President and COO of Blackstone and a member of the board of directors. He joined Blackstone in 1992 and previously served as the Global Head of Real Estate.

    Joseph P. Baratta

    ExecutiveBoard

    Global Head of Private Equity

    Member or observer on the boards of First Eagle Investment Management, Refinitiv, SESAC, Ancestry, Candle Media, Merlin Entertainments Group; Trustee of the Tate Foundation; Board of Year Up.

    Joseph P. Baratta is the Global Head of Private Equity at Blackstone and a member of the board of directors. He joined Blackstone in 1998 and has played a significant role in building Blackstone’s private equity business in Europe.

    Stephen A. Schwarzman

    ExecutiveBoard

    Chairman, Chief Executive Officer, and Co-Founder

    Co-Chair of the Board of Trustees of Schwarzman Scholars; Member of The Council on Foreign Relations, The Business Council, The Business Roundtable, The International Business Council of the World Economic Forum.

    Stephen A. Schwarzman is the Chairman, CEO, and Co-Founder of Blackstone Inc. He has been involved in all phases of the firm's development since its founding in 1985. He is an active philanthropist with significant contributions to education, culture, and the arts.

    View Report →

    John G. Finley

    Executive

    Chief Legal Officer

    N/A

    John G. Finley serves as the Chief Legal Officer of Blackstone Inc. and is a member of the firm’s Management Committee. He joined Blackstone in September 2010.

    Michael S. Chae

    Executive

    Chief Financial Officer

    Board Member of Robin Hood Foundation, Asia Society, St. Bernard’s School; Trustee Emeritus and former President of the Board of Trustees at Lawrenceville School; Member of the Council on Foreign Relations.

    Michael S. Chae is the CFO of Blackstone Inc. He joined Blackstone in 1997 and has held various leadership roles, including Head of International Private Equity and Head of Private Equity for Asia/Pacific.

    Tabea Hsi

    Executive

    Senior Managing Director and Assistant Secretary

    N/A

    Tabea Hsi is a Senior Managing Director and Assistant Secretary at Blackstone Inc. There is no additional information available regarding their start date or previous positions.

    Vikrant Sawhney

    Executive

    Chief Administrative Officer and Global Head of Institutional Client Solutions

    Board Member of the Blackstone Charitable Foundation; Chair of the board of directors of Dream; Trustee of Quinnipiac University.

    Vikrant Sawhney is the Chief Administrative Officer and Global Head of Institutional Client Solutions at Blackstone Inc. He joined Blackstone in 2007 and started Blackstone Capital Markets.

    Brian Mulroney

    Board

    Director

    Senior Partner at Norton Rose Fulbright Canada LLP; Chairman of the Board of Directors of Quebecor Inc.; Senior Advisor of Global Affairs at Barrick Gold Corporation; Board Member of Acreage Holdings Inc..

    Brian Mulroney is a Director at Blackstone Inc. He joined the board in June 2007 and is a former Prime Minister of Canada.

    James W. Breyer

    Board

    Director

    Founder and CEO of Breyer Capital; Board Member of Harvard Business School, Harvard University, Stanford University; Trustee of San Francisco Museum of Modern Art, Metropolitan Museum of Art, American Film Institute.

    James W. Breyer is a Director at Blackstone Inc. He joined the board in July 2016 and is the Founder and CEO of Breyer Capital, a premier venture capital firm.

    Reginald J. Brown

    Board

    Director

    Partner at Kirkland & Ellis LLP.

    Reginald J. Brown joined the board of directors of Blackstone in September 2020. He is a partner in the Washington, D.C. office of Kirkland & Ellis LLP.

    Rochelle B. Lazarus

    Board

    Director

    Chairman Emeritus of Ogilvy & Mather; Board Member of Rockefeller Capital Management, Organon, World Wildlife Fund, Lincoln Center for the Performing Arts, Partnership for New York City.

    Rochelle B. Lazarus is a Director at Blackstone Inc. She joined the board in July 2013 and is Chairman Emeritus of Ogilvy & Mather.

    Ruth Porat

    Board

    Director

    Board Member of Stanford Management Company, Council on Foreign Relations, Bloomberg Philanthropies, Memorial Sloan Kettering Cancer Center.

    Ruth Porat is a Director at Blackstone Inc. She joined the board in June 2020 and is the President and Chief Investment Officer, and Chief Financial Officer of Alphabet and Google.

    William G. Parrett

    Board

    Director

    Board Member of ThoughtWorks, Oracle Corporation, New York Foundation for Senior Citizens; Chairman of UBS America; Senior Trustee of United States Council for International Business.

    William G. Parrett is a Director at Blackstone Inc. He joined the board in November 2007 and is a former CEO of Deloitte Touche Tohmatsu.

    1. Given the substantial capital required for your data center investments and the rapid growth in this area, how confident are you that your fundraising efforts can keep pace with deployment opportunities, and what strategies are you implementing to ensure sufficient capital availability in light of potential fundraising challenges?

    2. Operating expenses increased this quarter due to placement fees, third-party servicer fees, and consulting spend ; how do you anticipate these expenses impacting margins and FRE growth in the near term, and what measures are you taking to manage operating leverage next year?

    3. With the back book headwinds impacting FRE growth and metrics falling short of expectations, particularly with a 10% run rate of back book pressures , how do you plan to overcome these challenges to ensure sustainable organic net flow rates and FRE growth moving forward?

    4. Given the renewed interest in commercial real estate and the positive trends in BREIT flows , how sustainable do you believe this recovery is, and what risks do you foresee that could potentially reverse these positive net flow trends?

    5. As the asset-based lending market represents a $25 trillion opportunity, and private players currently hold only 1–2% , do you believe you have done enough to secure your fair share in this space, and what further steps are you taking to enhance your position, particularly regarding bank partnerships and origination capabilities?

    Research analysts who have asked questions during Blackstone earnings calls.

    Craig Siegenthaler

    Bank of America

    4 questions for BX

    Also covers: AB, AMP, AMTD +23 more

    Michael Cyprys

    Morgan Stanley

    4 questions for BX

    Also covers: AAMI, AMP, AMTD +29 more

    Steven Chubak

    Wolfe Research

    4 questions for BX

    Also covers: AMP, AMTD, APO +16 more

    William Katz

    TD Cowen

    4 questions for BX

    Also covers: AB, AMG, AMTD +25 more

    Alexander Blostein

    Goldman Sachs

    3 questions for BX

    Also covers: AB, AMG, AMP +30 more

    Benjamin Budish

    Barclays PLC

    3 questions for BX

    Also covers: AB, APO, ARES +22 more

    Brian Bedell

    Deutsche Bank

    3 questions for BX

    Also covers: AMG, AMTD, APO +20 more

    Crispin Love

    Piper Sandler

    3 questions for BX

    Also covers: ABL, ABR, AGNC +24 more

    Glenn Schorr

    Evercore ISI

    3 questions for BX

    Also covers: APO, BAC, BEN +14 more

    Kenneth Worthington

    JPMorgan Chase & Co.

    3 questions for BX

    Also covers: APO, ARES, BAM +24 more

    Michael Brown

    Wells Fargo Securities

    3 questions for BX

    Also covers: APO, ARES, BAM +18 more

    Patrick Davitt

    Autonomous Research

    3 questions for BX

    Also covers: ABL, AMG, APO +10 more

    Arnaud Giblat

    BNP Paribas

    2 questions for BX

    Also covers: KKR, TPG

    Brennan Hawken

    UBS Group AG

    2 questions for BX

    Also covers: AMP, AMTD, APO +26 more

    Brian McKenna

    Citizens JMP Securities

    2 questions for BX

    Also covers: ARCC, ARES, CG +14 more

    Daniel Fannon

    Jefferies Financial Group Inc.

    2 questions for BX

    Also covers: AB, AMG, AMTD +26 more

    Kyle Voigt

    Keefe, Bruyette & Woods

    2 questions for BX

    Also covers: AMTD, APO, ARES +16 more

    Alex Blostein

    Goldman Sachs

    1 question for BX

    Also covers: AB, AMG, AMP +21 more

    Ben Budish

    Barclays PLC

    1 question for BX

    Also covers: AB, APO, ARES +19 more

    Dan Fannon

    Jefferies & Company Inc.

    1 question for BX

    Also covers: AB, AMG, AMTD +18 more

    Kaman Chung

    Evercore ISI

    1 question for BX

    Ken Worthington

    JPMorgan Chase & Co.

    1 question for BX

    Also covers: APO, BAM, BRDG +13 more
    Program DetailsProgram 1
    Approval DateJuly 16, 2024
    End Date/DurationNo specified expiration date
    Total additional amount$2.0 billion
    Remaining authorization amount$1.9 billion (as of September 30, 2024)
    DetailsThe program may be changed, suspended, or discontinued at any time
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2025€300 Senior Notes 2.000 2.8% = (0.3B / 10.885B) * 100
    2026€600 Senior Notes 1.000 5.5% = (0.6B / 10.885B) * 100
    2027$300 Senior Notes 3.150 2.8% = (0.3B / 10.885B) * 100
    2027$600 Senior Notes 5.900 5.5% = (0.6B / 10.885B) * 100
    2028$650 Senior Notes 1.625 6.0% = (0.65B / 10.885B) * 100
    2029€600 Senior Notes 1.500 5.5% = (0.6B / 10.885B) * 100
    2030$500 Senior Notes 2.500 4.6% = (0.5B / 10.885B) * 100
    2031$500 Senior Notes 1.600 4.6% = (0.5B / 10.885B) * 100
    2032$800 Senior Notes 2.000 7.4% = (0.8B / 10.885B) * 100
    2032$500 Senior Notes 2.550 4.6% = (0.5B / 10.885B) * 100
    2033$900 Senior Notes 6.200 8.3% = (0.9B / 10.885B) * 100
    2034€500 Senior Notes 3.500 4.6% = (0.5B / 10.885B) * 100
    2042$250 Senior Notes 6.250 2.3% = (0.25B / 10.885B) * 100
    2044$500 Senior Notes 5.000 4.6% = (0.5B / 10.885B) * 100
    2045$350 Senior Notes 4.450 3.2% = (0.35B / 10.885B) * 100
    2047$300 Senior Notes 4.000 2.8% = (0.3B / 10.885B) * 100
    2049$400 Senior Notes 3.500 3.7% = (0.4B / 10.885B) * 100
    2050$400 Senior Notes 2.800 3.7% = (0.4B / 10.885B) * 100
    2051$550 Senior Notes 2.850 5.1% = (0.55B / 10.885B) * 100
    2052$1,000 Senior Notes 3.200 9.2% = (1.0B / 10.885B) * 100
    CustomerRelationshipSegmentDetails

    BREIT

    Investment vehicle from which Blackstone earns management and advisory fees

    Real Estate

    Contributed $839.9 million (approximately 10.47% of total revenue of $8,022.8 million ) in management and advisory fees for 2023.

    BCRED

    Investment vehicle from which Blackstone earns management and incentive fees

    Credit & Insurance

    Contributed $762.6 million (approximately 9.51% of total revenue of $8,022.8 million ) in management and advisory fees for 2023.

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2006 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Rover

    2024

    The acquisition of Rover, a leading digital marketplace in the pet space, was completed by Blackstone in Q1 2024 as part of its private equity activities.

    Online Payments Business in Japan

    2024

    Blackstone closed the acquisition of an online payments business in Japan during Q1 2024, although specific deal value, structure, and strategic rationale were not disclosed.

    Healthcare Platform in India

    2024

    Blackstone completed the acquisition of a healthcare platform in India during Q1 2024, but the documents do not provide further details on financial terms or strategic objectives.

    Air Communities

    2024

    Blackstone announced a $10 billion take-private acquisition of Air Communities, a high-quality rental housing platform, to address the structural shortage in the U.S. housing market.

    Tricon Residential

    2024

    Blackstone completed a take-private acquisition of Tricon Residential for $3.5 billion, announced in January 2024, as part of its strategic real estate investments involving BREP and BREIT.

    Recent press releases and 8-K filings for BX.

    Blackstone Credit & Insurance and AmTrust partner on spin-off of international MGA and fee businesses
    ·$BX
    M&A
    Management Change
    • AmTrust Financial Services and Blackstone Credit & Insurance have entered a definitive agreement to carve out AmTrust’s MGA and fee activities in the US, UK, and Continental Europe into a new independent entity, aiming to unlock value and accelerate growth.
    • Funds managed by Blackstone Credit & Insurance will collaborate with AmTrust on the establishment and capital structure of the new multinational MGA platform.
    • Adam Karkowsky will resign as AmTrust chairman to become chairman and CEO of the newly formed MGA business.
    21 hours ago
    Blackstone to acquire 620MW Pennsylvania power plant
    ·$BX
    M&A
    New Projects/Investments
    • Blackstone Energy Transition Partners has agreed to acquire the 620 MW Hill Top Energy Center in Western Pennsylvania from Ardian for nearly $1 billion.
    • Hill Top Energy Center entered service in 2021, recorded a >93% capacity factor in 2024, and supplies power to the PJM Interconnection market.
    • The acquisition aligns with Blackstone’s strategy to invest $25 billion in Pennsylvania’s energy and digital infrastructure, targeting an additional $60 billion in regional investments.
    • Blackstone, the world’s largest alternative-asset manager, had $1.211 trillion in assets under management as of June 2025, serving primarily institutional investors (87%).
    1 day ago
    Blackstone and AmTrust partner on spin-off of MGA and fee businesses
    ·$BX
    M&A
    New Projects/Investments
    • AmTrust Financial Services and Blackstone Credit & Insurance will spin off seven MGAs and fee businesses across the U.S., U.K., and Continental Europe into a new independent company employing over 700 people.
    • Adam Karkowsky will serve as Chairman and CEO of the new entity, with Joseph Brecher as CFO and Jacob Decter as COO.
    • AmTrust will continue underwriting the existing books via a 10-year capacity agreement and will retain approximately 6,000 employees post-transaction, which is expected to close by year-end 2025 pending regulatory approvals.
    • Blackstone Inc. is the world’s largest alternative-asset manager with a market capitalization of $141.56 billion and manages $1.211 trillion in assets.
    1 day ago
    First Internet Bancorp plans $869M loan sale to Blackstone
    ·$BX
    M&A
    New Projects/Investments
    • First Internet Bancorp agreed to sell up to $869 million of performing single-tenant lease financing loans to Blackstone Real Estate Debt Strategies at approximately 95% of unpaid principal balance.
    • The transaction, expected to close on September 18, will enable First Internet to remove $550 million of deposit balances from its balance sheet, boosting tangible common equity and regulatory capital ratios by reducing risk-weighted assets.
    • The loans carry a gross coupon of 5.04% and have a weighted average maturity of 4.4 years, with First Internet Bank retaining customer-facing servicing responsibilities.
    • Blackstone continues its aggressive commercial real estate acquisition strategy, having acquired $22 billion in loan portfolios over the past 24 months.
    6 days ago
    Blackstone-backed Legence seeks $2.95B valuation in US IPO
    ·$BX
    Delisting/Listing Issues
    • Legence plans to raise up to $754 million by offering 26 million shares priced at $25–$29, targeting a $2.95 billion valuation in its U.S. IPO.
    • Goldman Sachs and Jefferies are leading the underwriting of the offering.
    • The San Jose–based firm, acquired by Blackstone in 2020 (formerly Therma Holdings), specializes in HVAC systems and energy-efficiency projects and holds a $2.8 billion backlog, with nearly 40% tied to data-center contracts.
    • Legence’s IPO reflects a broader U.S. market resurgence, as Blackstone prepares more companies for public listings than at any time since 2021.
    Sep 2, 2025, 11:16 AM
    Blackstone invests in South Korea’s Juno hair care chain
    ·$BX
    New Projects/Investments
    • Blackstone Inc. partnered with Juno’s founder to back the South Korean premium hair care chain, valuing it at $574 million to fund global expansion.
    • Juno, founded in 1982, operates 180+ branches with 3,000+ employees, and has outlets in Singapore, Vietnam, the Philippines, Japan and Thailand.
    • The company reported estimated ₩300 billion in consolidated sales and ₩37 billion in EBITDA over the prior year.
    • The deal marks Blackstone’s fourth private equity investment in Korea and underscores its focus on consumer beauty and wellness in Asia.
    Sep 2, 2025, 12:26 AM
    Blackstone to Acquire TechnoPro in $3.5B Deal
    ·$BX
    M&A
    • Blackstone to acquire TechnoPro Holdings in a $3.5 billion tender offer valuing the firm at ~507 billion yen, representing a 17.4% premium over its recent share price.
    • The transaction marks Blackstone’s largest investment in Japan and its third private equity deal of 2025, following competitive bidding with Bain Capital and set to commence in early August 2025.
    • Blackstone will allocate a 40 billion yen M&A budget over five years to bolster TechnoPro’s digital and AI-driven IT services amid Japan’s aging population and labor shortages.
    • TechnoPro, with over 28,000 engineers serving 2,500+ clients in automotive and semiconductor industries, aligns with Blackstone’s focus on high-quality, scalable businesses benefiting from digital transformation.
    Aug 5, 2025, 9:31 AM
    Blackstone Mortgage Trust reports Q2 2025 results
    ·$BX
    Earnings
    Dividends
    • Net income of $7.0 million attributable to Blackstone Mortgage Trust in Q2 2025.
    • Earnings per share of $0.04, Distributable EPS of $0.19, Distributable EPS prior to charge-offs of $0.45, and a dividend of $0.47 per basic share.
    • Conference call for the results was cancelled due to a building tragedy; prepared remarks and a full presentation are available online.
    • Continues to originate, acquire, and manage senior loans and other credit-oriented investments backed by major commercial real estate in North America, Europe, and Australia, and is externally managed by a Blackstone subsidiary.
    Jul 30, 2025, 11:00 AM
    Blackstone commits $25B to Pennsylvania data centers and power plants
    ·$BX
    New Projects/Investments
    • $25 billion investment to develop data centers and natural gas power plants in Pennsylvania to meet growing AI-driven demand
    • Co-location strategy with an electric utility to directly situate data centers at power plant sites, reducing delays and accelerating timelines
    • Announced by President and COO Jon Gray at Pittsburgh’s Energy and Innovation Summit, highlighting this approach as Blackstone’s “special sauce”
    • Aimed at boosting infrastructure, creating jobs, and positioning Pennsylvania as an innovation hub, with analysts predicting modest stock gains and potential upside
    Jul 15, 2025, 2:41 PM
    Blackstone reports intra-quarter realization update for Q2 2025
    ·$BX
    Guidance Update
    • Blackstone preliminarily expects to record over $425 million of combined Realized Performance Revenues and Realized Principal Investment Income for the period April 1–June 24, 2025.
    • This estimate is almost entirely comprised of Realized Performance Revenues, including closed investment realizations to date, certain non-fee related incentive fees and other investment income expected by quarter end.
    • The update is not intended to represent full Q2 2025 results, excludes other income sources and expenses, and actual quarter-end outcomes may differ materially.
    Jun 24, 2025, 12:00 AM