Blackstone Inc.
BXpubliclenderPrivate equity & credit
What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: lender · verified 2026-09-28 How these figures are built →
how it is counted
what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so
- Notes priced since 2024 · 3 →each tranche in the ledger as the company itself states it
how it is counted
principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded)
- $1.9B
- Loans and credit facilities · 1 →as signed; the figure counts new facilities, the count amendments too
how it is counted
the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.
- —
- Debt due in 12 months →its own schedule, as of 2026-06-30
how it is counted
the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions
- $685M
- Long-term debt on the balance sheet →on its balance sheet at 2026-06-30
how it is counted
long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
- $13.2B
- Cost of debt · 2026 Q2 →interest cover — · capex over operating cash flow 0.02×
how it is counted
4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it
- 4.38%
When it comes due
Its own schedule, as of 2026-06-30
Notes and facilities since 2024, by maturity year
What has it committed to?
Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.
Obligations as stated
| Long-term debt on the balance sheet | $13.2B | 2026-06-30 | long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line |
Obligations created, as announced
| 2025-11-03 | material definitive agreement | $600M | indenture | Blackstone Inc., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., Blackstone Reg Finance Co. |
| 2025-11-03 | direct financial obligation | $1.2B | underwriting agreement | BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC |
| 2025-10-17 | material definitive agreement | $355.0B | revolving credit | Blackstone Holdings Finance Co., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., Citibank, N.A. |
| 2025-10-17 | direct financial obligation | $355.0B | revolving credit | Blackstone Holdings Finance Co., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., Citibank, N.A. |
| 2024-12-06 | material definitive agreement | $750M | indenture | Blackstone Inc., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., Blackstone Reg Finance Co. |
| 2024-12-06 | direct financial obligation | $750M | underwriting agreement | BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc. |
What has it borrowed, and at what cost?
Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.
Notes priced since 2024
| 2025-10-28 | $600M | 4.95% | 2036 | fixed | — |
| 2025-10-28 | $600M | 4.3% | 2030 | fixed | — |
| 2024-12-03 | $750M | 5% | 2034 | fixed | 092914AA8 US092914AA83 |
Loans and credit facilities as signed
| 2025-10-17 | revolving credit facility · amended “L.L.C., as borrower (the “Borrower”), and Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., as guarantors (collectively, the “Guarantors”), entered into an amended and restated $4.325 billion revolving credit facility (the “New Credit Facility”) with Citibank, N.A., as administrative agent, and the le” | $4.33B | — | — | 2030-10-16 | N.A. |
Cost of debt, from its own statements
Latest quarter, 2026 Q2: cost of debt 4.38%, interest cover —, capex over operating cash flow 0.02×.
Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.
What equity has it sold?
Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.
No equity or hybrid raise since 2024, and no at-the-market programme.
When does it come due, and who holds it?
The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.
Its own maturity schedule
| 2026-06-30 | $685M | $900M | $650M | $803M | $1.91B | $8.37B | $13.3B |
What we have placed by maturity year, since 2024
| 2030 | $600M | — | 1 | 0 |
| 2034 | $750M | — | 1 | 0 |
| 2036 | $600M | — | 1 | 0 |
No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.
How does it compare?
The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.
Twelve measures, beside the median
| Self-funding operating cash flow $5.6B ÷ capex $0.1B over 4 quarters to 2026Q2 | 50.43× | 1.31× across 40 companies | 2026Q2 |
| Funding mix of $0.1B of capex over 4 quarters to 2026Q2: operations 5043.2%, new debt 1081.1% ($1.2B notes + $0.0B facilities), equity 0.0% | 5043.2% | — | 2026Q2 |
| Off balance sheet (not-commenced leases + purchase obligations) ÷ (that + long-term debt) | — neither part stated | 41.9% across 23 companies | 2026-06-30 |
| Committed facilities sum of new facility commitments since 2024 | — no facility announced | — | — |
| Marginal cost of debt principal-weighted coupon of $1.2B priced in the last twelve months; the book carries 4.38%, a gap of +0.24 points | 4.62% | — | — |
| New-issue spread median of 2 USD tranches: coupon less the 10-year Treasury on each pricing date (range 31–96 bp) | 64 bp | — | — |
| Floating-rate share $0.0B floating ($0.0B notes + $0.0B facilities off SOFR) ÷ $1.9B raised | 0% | 0% across 40 companies | — |
| Rate shock (+100 bp) floating balance × 100 bp | — no floating debt found | — | — |
| Secured share of new facilities secured commitments ÷ all new commitments | — no facility announced | 0% across 24 companies | — |
| Refinancing burden $1.6B due within two years (the filer's own schedule as of 2026-06-30) ÷ $5.6B of operating cash flow over 4 quarters | 0.28× | 0.15× across 23 companies | 2026-06-30 |
| Liquidity runway ($2.5B cash and equivalents as tagged — short-term investments are not included — + $0.0B committed) ÷ $0.2B a quarter of capex and interest, as of 2026Q2 | 15.5 | — | 2026Q2 |
Does our ledger explain its balance sheet?
Across 5 of 14 quarter(s) its debt rose $3.0B and the notes we hold for those quarters total $1.9B — 64.1% explained.
the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.