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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2022
Partnership's Credit Facilities | 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,
|  | 2022 |  | 2021
|  | Credit Available |  | Borrowing Outstanding |  | Effective Interest Rate |  | Credit Available |  | Borrowing Outstanding |  | Effective Interest Rate
Revolving Credit Facility (a) |  | $ | 4,135,000 |  |  | $ | — |  |  |  | - |  |  | $ | 2,000,000 |  |  | $ | 250,000 |  |  |  | 0.86 | %
Blackstone Issued Senior Notes (b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
4.750%, Due 2/15/2023 |  |  | 400,000 |  |  |  | 400,000 |  |  |  | 5.07 | % |  |  | 400,000 |  |  |  | 400,000 |  |  |  | 5.08 | %
2.000%, Due 5/19/2025 |  |  | 321,150 |  |  |  | 321,150 |  |  |  | 2.19 | % |  |  | 341,100 |  |  |  | 341,100 |  |  |  | 2.11 | %
1.000%, Due 10/5/2026 |  |  | 642,300 |  |  |  | 642,300 |  |  |  | 1.16 | % |  |  | 682,200 |  |  |  | 682,200 |  |  |  | 1.13 | %
3.150%, Due 10/2/2027 |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 3.29 | % |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 3.30 | %
5.900%, Due 11/3/2027 |  |  | 600,000 |  |  |  | 600,000 |  |  |  | 6.19 | % |  |  | — |  |  |  | — |  |  |  | - |
1.625%, Due 8/5/2028 |  |  | 650,000 |  |  |  | 650,000 |  |  |  | 1.83 | % |  |  | 650,000 |  |  |  | 650,000 |  |  |  | 1.68 | %
1.500%, Due 4/10/2029 |  |  | 642,300 |  |  |  | 642,300 |  |  |  | 1.61 | % |  |  | 682,200 |  |  |  | 682,200 |  |  |  | 1.55 | %
2.500%, Due 1/10/2030 |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 2.73 | % |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 2.73 | %
1.600%, Due 3/30/2031 |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 1.70 | % |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 1.70 | %
2.000%, Due 1/30/2032 |  |  | 800,000 |  |  |  | 800,000 |  |  |  | 2.18 | % |  |  | 800,000 |  |  |  | 800,000 |  |  |  | 2.16 | %
2.550%, Due 3/30/2032 |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 2.66 | % |  |  | — |  |  |  | — |  |  |  | - |
6.200%, Due 4/22/2033 |  |  | 900,000 |  |  |  | 900,000 |  |  |  | 6.40 | % |  |  | — |  |  |  | — |  |  |  | - |
3.500%, Due 6/1/2034 |  |  | 535,250 |  |  |  | 535,250 |  |  |  | 3.79 | % |  |  | — |  |  |  | — |  |  |  | - |
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 |  |  |  | 2.92 | % |  |  | 550,000 |  |  |  | 550,000 |  |  |  | 2.89 | %
3.200%, Due 1/30/2052 |  |  | 1,000,000 |  |  |  | 1,000,000 |  |  |  | 3.26 | % |  |  | — |  |  |  | — |  |  |  | - |
|  |  | 15,176,000 |  |  |  | 11,041,000 |  |  |  |  |  |  |  | 9,605,500 |  |  |  | 7,855,500 |  |  |  |  |
Blackstone Fund Facilities (c) |  |  | 1,450,000 |  |  |  | 1,450,000 |  |  |  | - |  |  |  | 101 |  |  |  | 101 |  |  |  | 1.61 | %
|  | $ | 16,626,000 |  |  | $ | 12,491,000 |  |  |  |  |  |  | $ | 9,605,601 |  |  | $ | 7,855,601 |  |  |  |  |
(a) | As of December 31, 2022, the Issuer has a credit facility with Citibank, N.A., as Administrative Agent in the amount of $4.135 billion with a maturity date of June 3, 2027. Interest on the borrowings is based on an adjusted Secured Overnight Finance Rate (“SOFR”) rate 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 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, 2022 and 2021, Blackstone had outstanding but undrawn letters of credit against the Credit Facility of $11.2 million and $10.1 million, respectively. The amount Blackstone can draw from the 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.
(b) | 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, Blackstone Holdings (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 including, the date of repurchase.
(c) | Represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Certain borrowings under these facilities were used for bridge financing and general liquidity purposes. Other borrowings were used to finance the purchase of investments with the borrowing remaining in place until the disposition or refinancing event. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Because the timing of such events is unknown and may occur in the near term, these borrowings are considered short-term in nature. 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 asset and therefore, the stated interest rate and effective interest rate may differ. Borrowings were secured according to the terms of each facility and are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. Certain facilities have commitment fees. When a fund borrows, the proceeds are available only for use by that fund and are not available for the benefit of other funds. Collateral within each fund is also available only against the borrowings by that fund and not against the borrowings of other funds.
Carrying Value and Fair Value of Blackstone Issued Notes | The following table presents the general characteristics of each of Blackstone’s notes, as well as their carrying value and fair value. The notes are included in Loans Payable within the Consolidated Statements of Financial Condition. All of the notes were issued at a discount. All of the notes accrue interest from the issue date thereof and all pay interest in arrears on a semi-annual basis or annual basis.
|  | December 31,
|  | 2022 |  | 2021
Senior Notes |  | Carrying Value |  | Fair Value (a) |  | Carrying Value |  | Fair Value (a)
4.750%, Due 2/15/2023 |  | $ | 399,838 |  |  | $ | 399,776 |  |  | $ | 398,581 |  |  | $ | 415,880 |
2.000%, Due 5/19/2025 |  |  | 325,292 |  |  |  | 305,754 |  |  |  | 338,275 |  |  |  | 362,078 |
1.000%, Due 10/5/2026 |  |  | 642,968 |  |  |  | 568,525 |  |  |  | 675,867 |  |  |  | 700,892 |
3.150%, Due 10/2/2027 |  |  | 298,101 |  |  |  | 271,284 |  |  |  | 297,738 |  |  |  | 317,610 |
5.900%, Due 11/3/2027 |  |  | 594,381 |  |  |  | 606,450 |  |  |  | 643,251 |  |  |  | 629,265 |
1.625%, Due 8/5/2028 |  |  | 644,456 |  |  |  | 530,933 |  |  |  | 678,085 |  |  |  | 720,062 |
1.500%, Due 4/10/2029 |  |  | 645,819 |  |  |  | 532,043 |  |  |  | 491,662 |  |  |  | 507,350 |
2.500%, Due 1/10/2030 |  |  | 492,604 |  |  |  | 405,965 |  |  |  | 495,541 |  |  |  | 467,750 |
1.600%, Due 3/30/2031 |  |  | 495,990 |  |  |  | 365,380 |  |  |  | 786,690 |  |  |  | 767,920 |
2.000%, Due 1/30/2032 |  |  | 788,082 |  |  |  | 589,407 |  |  |  | — |  |  |  | — |
2.550%, Due 3/30/2032 |  |  | 495,207 |  |  |  | 390,370 |  |  |  | — |  |  |  | — |
6.200%, Due 4/22/2033 |  |  | 891,277 |  |  |  | 907,965 |  |  |  | — |  |  |  | — |
3.500%, Due 6/1/2034 |  |  | 504,695 |  |  |  | 452,934 |  |  |  | — |  |  |  | — |
6.250%, Due 8/15/2042 |  |  | 239,176 |  |  |  | 251,480 |  |  |  | 238,914 |  |  |  | 361,775 |
5.000%, Due 6/15/2044 |  |  | 489,704 |  |  |  | 441,355 |  |  |  | 489,446 |  |  |  | 648,500 |
4.450%, Due 7/15/2045 |  |  | 344,549 |  |  |  | 287,242 |  |  |  | 344,412 |  |  |  | 426,195 |
4.000%, Due 10/2/2047 |  |  | 290,935 |  |  |  | 227,946 |  |  |  | 290,730 |  |  |  | 347,370 |
3.500%, Due 9/10/2049 |  |  | 392,259 |  |  |  | 275,588 |  |  |  | 392,089 |  |  |  | 431,240 |
2.800%, Due 9/30/2050 |  |  | 393,958 |  |  |  | 237,552 |  |  |  | 393,818 |  |  |  | 382,880 |
2.850%, Due 8/5/2051 |  |  | 543,162 |  |  |  | 323,527 |  |  |  | 542,963 |  |  |  | 531,355 |
3.200%, Due 1/30/2052 |  |  | 987,131 |  |  |  | 646,880 |  |  |  | — |  |  |  | — |
|  | $ | 10,899,584 |  |  | $ | 9,018,356 |  |  | $ | 7,498,062 |  |  | $ | 8,018,122 |
(a) | Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.
Scheduled Principal Payments for Borrowings | Scheduled principal payments for borrowings at December 31, 2022 were as follows:
|  | Operating Borrowings |  | Blackstone Fund Facilities |  | Total Borrowings
2023 |  | $ | 400,000 |  |  | $ | — |  |  | $ | 400,000 |
2024 |  |  | — |  |  |  | — |  |  |  | — |
2025 |  |  | 321,150 |  |  |  | — |  |  |  | 321,150 |
2026 |  |  | 642,300 |  |  |  | — |  |  |  | 642,300 |
2027 |  |  | 900,000 |  |  |  | — |  |  |  | 900,000 |
Thereafter |  |  | 8,777,550 |  |  |  | 1,450,000 |  |  |  | 10,227,550 |
|  | $ | 11,041,000 |  |  | $ | 1,450,000 |  |  | $ | 12,491,000 |

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