v3.26.1
Borrowings (Tables)
6 Months Ended
Jun. 30, 2026
Carrying Value and Fair Value of Blackstone Issued Notes
$
                        
$
                        
$
                        
$
                        
 
  
June 30, 2026
 
  
December 31, 2025
 
Description
  
Carrying
Value
 
  
Fair

Value
 
  
Carrying
Value
 
  
Fair

Value
 
Blackstone Operating Borrowings
  
  
  
  
Revolving Credit Facility (a)
  
$
800,000
 
  
$
800,000
 
  
$
 
  
$
 
Senior Notes (b)
           
1.000%, Due 10/5/2026
  
 
692,091
 
  
 
682,161
 
  
 
711,022
 
  
 
696,585
 
3.150%, Due 10/2/2027
  
 
299,470
 
  
 
294,735
 
  
 
299,264
 
  
 
295,941
 
5.900%, Due 11/3/2027
  
 
598,275
 
  
 
610,080
 
  
 
597,667
 
  
 
619,068
 
1.625%, Due 8/5/2028
  
 
647,858
 
  
 
611,819
 
  
 
647,359
 
  
 
610,688
 
1.500%, Due 4/10/2029
  
 
693,792
 
  
 
656,955
 
  
 
713,034
 
  
 
673,772
 
2.500%, Due 1/10/2030
  
 
496,111
 
  
 
463,860
 
  
 
495,590
 
  
 
467,930
 
4.300%, Due 11/3/2030
  
 
594,979
 
  
 
588,990
 
  
 
594,461
 
  
 
600,162
 
1.600%, Due 3/30/2031
  
 
497,623
 
  
 
432,445
 
  
 
497,384
 
  
 
435,810
 
2.000%, Due 1/30/2032
  
 
792,398
 
  
 
686,624
 
  
 
791,761
 
  
 
689,088
 
2.550%, Due 3/30/2032
  
 
496,884
 
  
 
438,985
 
  
 
496,635
 
  
 
444,025
 
6.200%, Due 4/22/2033
  
 
893,636
 
  
 
950,058
 
  
 
893,266
 
  
 
975,870
 
3.500%, Due 6/1/2034
  
 
543,998
 
  
 
564,190
 
  
 
559,079
 
  
 
582,161
 
5.000%, Due 12/6/2034
  
 
741,931
 
  
 
737,468
 
  
 
741,552
 
  
 
757,718
 
4.950%, Due 2/15/2036
  
 
594,794
 
  
 
581,526
 
  
 
594,586
 
  
 
596,592
 
6.250%, Due 8/15/2042
  
 
240,243
 
  
 
254,955
 
  
 
240,076
 
  
 
264,443
 
5.000%, Due 6/15/2044
  
 
490,717
 
  
 
450,695
 
  
 
490,561
 
  
 
466,615
 
4.450%, Due 7/15/2045
  
 
345,077
 
  
 
290,367
 
  
 
344,996
 
  
 
302,855
 
4.000%, Due 10/2/2047
  
 
291,725
 
  
 
231,030
 
  
 
291,605
 
  
 
236,016
 
3.500%, Due 9/10/2049
  
 
392,905
 
  
 
279,476
 
  
 
392,808
 
  
 
286,888
 
2.800%, Due 9/30/2050
  
 
394,484
 
  
 
241,292
 
  
 
394,405
 
  
 
246,808
 
2.850%, Due 8/5/2051
  
 
543,728
 
  
 
334,400
 
  
 
543,643
 
  
 
345,164
 
3.200%, Due 1/30/2052
  
 
988,115
 
  
 
652,298
 
  
 
987,969
 
  
 
670,740
 
  
 
 
    
 
 
    
 
 
    
 
 
 
  
 
13,070,834
 
  
 
11,834,409
 
  
 
12,318,723
 
  
 
11,264,939
 
  
 
 
    
 
 
    
 
 
    
 
 
 
Borrowings of Consolidated
           
Blackstone Funds
           
Blackstone Fund Facilities (c)
  
 
123,896
 
  
 
126,623
 
  
 
126,421
 
  
 
129,767
 
  
 
 
    
 
 
    
 
 
    
 
 
 
  
 
123,896
 
  
 
126,623
 
  
 
126,421
 
  
 
129,767
 
  
 
 
    
 
 
    
 
 
    
 
 
 
  
$
13,194,730
 
  
$
11,961,032
 
  
$
12,445,144
 
  
$
11,394,706
 
  
 
 
    
 
 
    
 
 
    
 
 
 
 
 
(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%. 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 June 30, 2026 and December 31, 2025, Blackstone had outstanding but undrawn letters of credit against the Revolving Credit Facility of $39.3 
million. The amount Blackstone can draw from the Credit Facility is reduced by the undrawn letters of credit. 
 
 
(b)
Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
 
(c)
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.
Scheduled Principal Payments for Borrowings
Scheduled principal payments for borrowings as of June 30, 2026 were as follows:

 
$
                        
$
                        
$
                        
 
  
Blackstone
Operating
Borrowings
 
  
Borrowings of
Consolidated
Blackstone
Funds
 
  
Total
Borrowings
 
2026
  
$
685,320
 
  
$
 
  
$
685,320
 
2027
  
 
900,000
 
  
 
 
  
 
900,000
 
2028
  
 
650,000
 
  
 
 
  
 
650,000
 
2029
  
 
685,320
 
  
 
117,817
 
  
 
803,137
 
2030
  
 
1,900,000
 
  
 
9,079
 
  
 
1,909,079
 
Thereafter
  
 
8,371,100
 
  
 
 
  
 
8,371,100
 
  
 
 
    
 
 
    
 
 
 
  
$
13,191,740
 
  
$
126,896
 
  
$
13,318,636