Blackstone
36 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.
Customers
Hyperscale data center tenants
concentrated innamed as a riskDigital infrastructure demand is highly concentrated in a small number of large counterparties.Risk factors (Item 1A)
State pension funds
earns fromnamed as a riskOther states could potentially take similar actions, which may further impair our access to capital from an investor base that has historically represented a significant portion of our fundraising.Risk factors (Item 1A)
Insurance company clients
earns fromnamed as a riskThe continued success of our insurance platform will depend in large part on further developing investment partnerships with insurance company clients and maintaining existing asset management arrangements, including those described above.Risk factors (Item 1A)
Suppliers
Cloud service providers
depends onnamed as a riskA prolonged global failure of cloud services provided to us could result in cascading systems failures.Risk factors (Item 1A)
Also named by ALLY, BAC, C, EFX, HLT, IDXX, LNC, MSCI and 5 more
Prime brokers and counterparties
depends onnamed as a riskSome of our funds utilize prime brokerage arrangements with a relatively limited number of counterparties, which has the effect of concentrating the transaction volume (and related counterparty default risk) of these funds with these counterparties.Risk factors (Item 1A)
Partners and platforms
Revolving Credit Facility
depends on · $4.325 billionIn February 2026, we drew $900.0 million under the Revolving Credit Facility.Risk factors (Item 1A)
Also named by AAON, BRO, CG, CRGY, FIVE, FIX, HEI, IR and 22 more
Third-party wealth distribution intermediaries
depends onnamed as a riskCertain of the third-party intermediaries on whom we rely to distribute our investment products also sell their own competing proprietary investment products, which could limit the distribution of our products.Risk factors (Item 1A)
Other companies
Blackstone Real Estate Income Trust (BREIT)
earns fromnamed as a riskFor example, market volatility drove a material increase in BREIT repurchase requests beginning in late 2022, and pursuant to the terms of the vehicle, BREIT began to prorate such requests beginning in November 2022.Risk factors (Item 1A)
Digital infrastructure / data centers
concentrated innamed as a riskOur real estate and infrastructure funds have in recent years substantially increased their exposure to digital infrastructure investments, which, in addition to being subject to many of the risks outlined above, are subject to additional risks.Risk factors (Item 1A)
Life science office and U.S. multifamily real estate
concentrated innamed as a riskIn addition, slowing growth in certain markets and real estate sectors with excess near-term supply, such as life science office and U.S. multifamily, has negatively impacted and may continue to negatively impact the valuations of assets in such sectors in the near term.Risk factors (Item 1A)
Places
Hazards
Hurricanes, floods and wildfires
operates innamed as a riskFor example, significant chronic or acute physical effects of climate change, including extreme weather events such as hurricanes, floods, or wildfires, can have an adverse impact on certain of our funds’ portfolio companies and investments, especially our real asset investments and portfolio companies that rely on physical factories, plants, stores or other assets located in the affected areas, or that focus on tourism or recreational travel.Risk factors (Item 1A)
Commodities and inputs
Foreign currencies vs U.S. dollar
exposed to its price · $805,659named as a riskWe estimate that as of December 31, 2025 and December 31, 2024, a 10% decline in the rate of exchange of all foreign currencies against the U.S. dollar would result in the following declines in Management and Advisory Fees, Net, Unrealized Performance Allocations, Net and Unrealized Principal Investment Income:Market risk (Item 7A)
Also named by CG
Oil and natural gas
exposed to its pricenamed as a riskIn addition, the performance of the investments made by our credit and equity funds in the energy and natural resources markets are also subject to a high degree of market risk, as such investments are likely to be directly or indirectly substantially dependent upon prevailing prices of oil, natural gas and other commodities.Risk factors (Item 1A)
Also named by APO, ARES, FDUS, GAIN, HON, MMM, RF, SOLV and 3 more
Electric power
depends onnamed as a riskThe inability to access sufficient power could constrain our ability to develop land acquired for digital infrastructure or to deliver the levels of power required by tenants, each of which could negatively impact the value of our funds’ investments.Risk factors (Item 1A)
Regulators
National Association of Insurance Commissioners (NAIC)
subject to · from 30% to 45%named as a riskFor example, in 2024, the NAIC increased the applicable capital charge of residual tranches or equity securities of asset-based securitizations from 30% to 45% in respect of life insurers.Risk factors (Item 1A)
Also named by ALL, ARES, FNF, KKR, MET, OWL, PFG, PGR and 3 more
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskThe financial services industry is frequently the subject of heightened scrutiny, and the SEC has specifically focused on private equity and the private funds industry in recent years.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Financial Stability Oversight Council (FSOC)
subject tonamed as a riskIf we were designated as a nonbank SIFI, including as a result of our asset management or nonbank lending activities, we could become subject to direct supervision by the Federal Reserve Board, and could become subject to enhanced prudential, capital, supervisory and other requirements, such as risk-based capital requirements, leverage limits, liquidity requirements, resolution plan and credit exposure report requirements, concentration limits, a contingent capital requirement, enhanced public disclosures, short-term debt limits and overall risk management requirements.Risk factors (Item 1A)
Committee on Foreign Investment in the United States (CFIUS)
subject tonamed as a riskCFIUS may recommend that the President block, unwind or impose conditions or terms on such transactions, certain of which may adversely affect the ability of the fund to execute on its investment strategy with respect to such transaction as well as limit our flexibility in structuring or financing certain transactions.Risk factors (Item 1A)
Financial Industry Regulatory Authority (FINRA)
subject toIn addition, FINRA, a self-regulatory organization subject to oversight by the SEC, adopts and enforces rules governing the conduct, and examines the activities of its member firms, including BSP.Business (Item 1)
Also named by AB, ADP, AGNC, AMG, AMP, BAM, BEN, BR and 23 more
U.K. Financial Conduct Authority (FCA)
subject toPursuant to the U.K. Financial Services and Markets Act 2000, or “FSMA,” certain of our subsidiaries are subject to regulations promulgated and administered by the Financial Conduct Authority (“FCA”).Business (Item 1)
Central Bank of Ireland
subject toBlackstone Ireland Limited (“BIL”) is authorized and regulated by the Central Bank of Ireland (“CBI”) as an Investment Firm under the (Irish) European Union (Markets in Financial Instruments) Regulations 2017, as amended (the “MiFID Regulations”).Business (Item 1)
Commission de Surveillance du Secteur Financier (CSSF)
subject toBEFM provides investment management functions including portfolio management, risk management, administration, marketing and related activities to its managed funds, in accordance with the AIFM Law, UCITS Law and the regulatory provisions imposed by the Commission de Surveillance du Secteur Financier in Luxembourg.Business (Item 1)
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15%named as a riskUnder Pillar Two, certain entities within a multinational group will be subject to top-up taxes where the overall tax paid on the group’s profit in any jurisdiction falls below the minimum 15% effective tax rate.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
U.S. Investment Company Act of 1940
subject to · 40%named as a riskIf Blackstone Inc. were deemed to be an investment company under the 1940 Act, it would have to comply with rules thereunder, which could impose limitations on our capital structure, ability to transact business with affiliates and compensate key employees.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskFor instance, OBBBA significantly reduced or accelerated the phase out of many existing clean tax credits established by the Inflation Reduction Act of 2022.Risk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
SEC Regulation Best Interest
subject tonamed as a riskThe continued regulatory focus on Regulation Best Interest may negatively impact whether certain broker-dealers and their associated persons are willing to recommend investment products, including certain of our funds, to retail customers, which may adversely impact our ability to distribute our products to certain investors.Risk factors (Item 1A)
U.S. tariffs on China, Canada and Mexico
subject tonamed as a riskIncreased tariffs on goods imported from China, Canada, Mexico and other countries could further increase, costs, decrease margins and reduce the competitiveness of products and services offered by our portfolio companies.Risk factors (Item 1A)
EU Alternative Investment Fund Managers Directive (AIFMD)
subject tonamed as a riskIn addition, certain changes to AIFMD that comes into effect in 2026 may limit the use of leverage in certain funds, which could impact their fund returns, as well as may restrict certain alternative investment funds from marketing in specific EEA jurisdictions, which may impact our ability to raise capital from EEA investors.Risk factors (Item 1A)
U.S. Outbound Investment Order
subject tonamed as a riskIn January 2025, the current U.S. Presidential administration signed an Annex to the Outbound Order that identified China, along with the Special Administrative Regions of Hong Kong and Macau, as a “country of concern.”Risk factors (Item 1A)
Also named by CG
FinCEN investment adviser AML rule
subject tonamed as a riskThe application of these rules would impose significant compliance costs on us.Risk factors (Item 1A)
Also named by CFR
U.S. executive order restricting institutional ownership of single-family homes
subject tonamed as a riskThe U.S. Presidential administration issued an executive order in January 2026 seeking to restrict institutional investor ownership of single-family homes, and certain states have considered, and others may seek to enact, legislation aimed at doing so.Risk factors (Item 1A)
U.S. tax treatment of carried interest
subject tonamed as a riskThe current U.S. Presidential administration’s stated tax priorities include changes to the tax treatment of carried interest that, if implemented, would materially increase the amount of taxes many of our key personnel would be required to pay.Risk factors (Item 1A)
Rent regulation
subject tonamed as a riskSuch regulation has contributed to adverse operating performance in certain parts of our residential real estate portfolio, including by moderating rent growth in certain geographies and markets.Risk factors (Item 1A)
U.S. Investment Advisers Act of 1940
subject toAll of the investment advisers of our investment funds operating in the U.S. are registered as investment advisers with the SEC under the Advisers Act (other investment advisers may be registered in non-U.S. jurisdictions).Business (Item 1)
Also named by ABR, AMG, BAM, BEN, CG, HTGC, KKR, MAIN and 3 more
Executive Order on Democratizing Access to Alternative Assets for 401(k) Investors
subject toFurther, in light of the August 2025 Executive Order on Democratizing Access to Alternative Assets for 401(k) Investors, there may be significant future opportunity for the alternative asset management industry to increase the distribution of products to individual investors.Risk factors (Item 1A)