Net Asset Value as Fair Value

12 Months Ended

Dec. 31, 2022

5. Net Asset Value as Fair Value

A summary of fair value by strategy type and ability to redeem such investments as of December 31, 2022 is presented below:


Strategy (a)	Fair Value		Redemption Frequency (if currently eligible)	Redemption Notice Period
Equity	$	454,212	(b)	(b)
Total Real Estate		120,632	(c)	(c)
Credit Driven		26,752	(d)	(d)
Commodities		1,080	(e)	(e)
Diversified Instruments		17	(f)	(f)

	$	602,693

(a)	As of December 31, 2022, Blackstone had no unfunded commitments.

(b)

The Equity category includes investments in hedge funds that invest primarily in domestic and international equity securities. Investment representing 23% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting

date. Investments representing 76% of the fair value of the investments in this category are redeemable as of the reporting date.

Investments representing less than 1% of the fair value of the investments in this category are in liquidation. As of the reporting date, the investee fund manager had elected to side pocket less than 1% of Blackstone’s investments in the category.

(c)	The Real Estate category includes investments in funds that primarily invest in real estate assets. Investments representing 100% of fair value of the investments in this category are redeemable as of the reporting date.

(d)

The Credit Driven category includes investments in hedge funds that invest primarily in domestic and international bonds. Investments representing 82% of the fair value of the investments in this category are in liquidation. The remaining 18% of investments in this category may not be redeemed at, or within three months of, the reporting date.

(e)

The Commodities category includes investments in commodities-focused funds that primarily invest in futures and physical-based commodity driven strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.

(f)	Diversified Instruments include investments in funds that invest across multiple strategies. Investments representing 100% of the fair value of the investments in this category may not be redeemed at, or within three months of, the reporting date.