Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Carrying Value and Fair Value of Blackstone Issued Notes

The following table presents each of Blackstone’s borrowings as of March 31, 2024 and December 31, 2023, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone’s indirect subsidiary, Blackstone Holdings Finance Co. L.L.C. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis.


	March 31,2024				December 31, 2023
	Carrying		Fair		Carrying		Fair
Description	Value		Value		Value		Value
Blackstone Operating Borrowings
Senior Notes (a)
2.000%, Due 5/19/2025	$	328,618	$	317,401	$	336,005	$	324,778
1.000%, Due 10/5/2026		649,429		607,196		664,085		620,864
3.150%, Due 10/2/2027		298,572		281,337		298,476		283,059
5.900%, Due 11/3/2027		595,678		616,194		595,411		625,158
1.625%, Due 8/5/2028		645,646		566,209		645,406		566,508
1.500%, Due 4/10/2029		651,823		590,558		666,655		601,272
2.500%, Due 1/10/2030		493,819		434,280		493,573		431,005
1.600%, Due 3/30/2031		496,562		390,120		496,447		391,955
2.000%, Due 1/30/2032		789,587		628,088		789,283		633,153
2.550%, Due 3/30/2032		495,788		413,915		495,670		410,755
6.200%, Due 4/22/2033		892,061		948,303		891,899		962,037
3.500%, Due 6/1/2034		509,849		541,291		521,549		536,319
6.250%, Due 8/15/2042		239,530		260,620		239,457		263,270
5.000%, Due 6/15/2044		490,045		458,045		489,975		464,560
4.450%, Due 7/15/2045		344,728		295,243		344,691		297,486
4.000%, Due 10/2/2047		291,204		229,914		291,149		233,685
3.500%, Due 9/10/2049		392,481		288,116		392,436		294,608
2.800%, Due 9/30/2050		394,140		247,376		394,103		252,008
2.850%, Due 8/5/2051		543,357		344,674		543,317		352,457
3.200%, Due 1/30/2052		987,470		686,310		987,401		696,740

		10,530,387		9,145,190		10,576,988		9,241,677
Other (b)
Secured Borrowing, Due 10/27/2033		19,949		19,949		19,949		19,949
Secured Borrowing, Due 1/29/2035		20,000		20,000		20,000		20,000

		10,570,336		9,185,139		10,616,937		9,281,626

Borrowings of Consolidated Blackstone Funds
CLO Notes Payable (c)		169,835		169,835		687,122		687,122

		169,835		169,835		687,122		687,122

	$	10,740,171	$	9,354,974	$	11,304,059	$	9,968,748

(a)	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

(b)

The Secured Borrowing, Due 10/27/2033 has an interest rate of 7.64% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 7.64%. Principal on the Secured Borrowings will be paid over the term with repayment amounts dependent on the performance of the underlying assets securing each borrowing. Repayment amounts from the underlying assets are restricted to solely satisfy the Secured Borrowings obligations. As of March 31, 2024, the fair value of the assets securing both Secured Borrowings equaled $48.5 million.

(c)

CLO Notes Payable have maturity dates ranging from June 2025 to January 2037 and have an effective interest rate of 8.25% as of March 31, 2024. A portion of the borrowing outstanding is comprised of subordinated notes which do not have contractual interest rates but instead pay distributions from the excess cash flows of the CLO vehicles.

Scheduled Principal Payments for Borrowings

Scheduled principal payments for borrowings as of March 31, 2024 were as follows:


	Blackstone		Borrowings of
	Operating Borrowings		Consolidated Blackstone Funds		Total Borrowings
2024	$	—	$	—	$	—
2025		331,924		—		331,924
2026		653,447		—		653,447
2027		911,589		—		911,589
2028		664,090		—		664,090
Thereafter		8,136,900		180,131		8,317,031

	$	10,697,950	$	180,131	$	10,878,081