Blackstone Inc. (BX) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Blackstone Inc. surfaced in its latest filing.

• The U.S. Federal Reserve held interest rates steady in January 2026 after three consecutive rate cuts.January 2026
• U.S. Presidential administration issued an executive order in January 2026 seeking to restrict institutional investor ownership of single-family homes.January 2026
• On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) became law, making significant changes to the U.S. Internal Revenue Code, including extending Tax Cuts and Jobs Act of 2017 provisions and curtailing clean energy subsidies from the Inflation Reduction Act of 2022.July 4, 2025
• In February 2026, drew $900.0 million under the revolving credit facility.February 2026
• Relies on $4.325 billion revolving credit facility maturing October 16, 2030.October 16, 2030
• In February 2026, the U.S. Supreme Court invalidated many of the tariffs recently imposed by the U.S. government, and subsequently, the U.S. Presidential administration imposed a global tariff under a different law.February 2026
• In 2024, NAIC increased the capital charge for residual tranches or equity securities of asset-based securitizations from 30% to 45% for life insurers.2024
• August 2025 Executive Order on Democratizing Access to Alternative Assets for 401(k) Investors may increase competition.August 2025
• In January 2025, an Annex identified China, Hong Kong, and Macau as a country of concern under the Outbound Order.January 2025
• In February 2025, a memorandum directed agencies to enhance restrictions on outbound investments into China and Chinese investments into the U.S.February 2025
• On June 28, 2025, the G7 announced a 'side-by-side' system that would exempt U.S.-parented groups from certain Pillar Two proposals, but details remain under discussion.June 28, 2025
• The EU adopted Pillar Two and required all EU member states to implement local legislation beginning December 31, 2023.December 31, 2023
• SEC amendments to Regulation S-P took effect in 2025, imposing data breach notification requirements and deadlines, and obligations to implement written policies and procedures for oversight of service providers.2025
• U.S. Department of Justice rule effective 2025 prohibiting or restricting certain transactions involving bulk sensitive personal data to foreign persons connected with designated countries of concern, including China.2025
• The EU adopted the Artificial Intelligence Act in 2024, applying to certain AI technologies and training/test/deployment data, with potential compliance burdens, costs, and penalties.2024
• The company has filed legal proceedings disclosed in Part II, Item 8, Notes to Consolidated Financial Statements, Note 18, Commitments and Contingencies, Litigation.
• The SEC will examine investment advisers' compliance with a FinCEN rule scheduled to take effect January 2028, requiring AML/CFT programs, filings, and recordkeeping.January 2028
• Certain AIFMD changes effective in 2026 may limit leverage in certain funds and restrict marketing of certain alternative investment funds in specific EEA jurisdictions.2026