BXBlackstone Inc.

Financials · Asset Management · NYSE

Blackstone is the world’s largest alternative asset manager. 10-K, Item 1

Employees: 5,285
Headquarters: New York, NY
Next results: around Jan 28, 2027

What the 10-K filed 2026-02-27 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-28.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

Pending cases, settlements and what the company has set aside for them.

“Blackstone accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable.”
Read it in the 10-K ↗

“In December 2017, eight pension plan members of the Kentucky Retirement System (“KRS”) filed a derivative lawsuit on behalf of KRS in Franklin County Circuit Court in Kentucky (the “Mayberry Action”).”
Read it in the 10-K ↗

“In January 2021, certain former plaintiﬀs in the Mayberry Action filed a separate action (“Taylor I”) against the Blackstone Defendants and other defendants in the Mayberry Action, asserting substantially similar allegations as the AG’s July 2020 action did, but styled as a direct class action.”
Read it in the 10-K ↗

“In August 2021, a group of KRS members—including those that filed Taylor I—filed an action in Franklin County Circuit Court (“Taylor II”) substantially similar to Taylor I, against the Blackstone Defendants, other defendants named in the Mayberry Action, and other KRS oﬃcials.”
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“In April 2021, the AG filed an action (the “Declaratory Judgment Action”) against BLP and the other fund manager defendants from the Mayberry Action in Franklin County Circuit Court, seeking a declaration that certain provisions in the subscription agreements with KRS violate the Kentucky Constitution.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“At December 31, 2025 and 2024, Blackstone maintained irrevocable standby letters of credit and cash deposits as security for the leases of $15.1 million and $14.1 million, respectively.”
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“This target return, while not guaranteed, is supported by a pledge by Blackstone of $1.1 billion of its holdings in BREIT as of the subscription dates, including any appreciation or dividends received by Blackstone in respect thereof.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“The Revolving Credit Facility contains customary representations, covenants and events of default.”
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“Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee-earning”
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“Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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