BLACKSTONE INC

Shareholders of Blackstone Inc.

Blackstone Inc. is a listed issuer, so only reportable holdings are published — there is no public register of its complete shareholder base. There were 742,180,737 shares of common stock outstanding on 20 February 2026. The Form 10-K for 2025 identifies just two holders of 5% or more of a class of voting securities as at that date: The Vanguard Group, Inc. with 62,972,154 shares (8.5%), reported from its Schedule 13G/A of 13 February 2024, and BlackRock, Inc. with 45,986,530 shares (6.2%), from its Schedule 13G of 29 January 2024.

More recent Schedule 13G filings change that picture. Following an internal realignment on 12 January 2026, The Vanguard Group, Inc. reported nil beneficial ownership of Blackstone common stock as at 13 March 2026, with its holdings now reported on a disaggregated basis. Vanguard Capital Management LLC then reported 55,917,468 shares (7.53%) as at 31 March 2026, with sole voting power over 7,607,674 of them. Capital World Investors reported 33,238,442 shares (4.6%) as at 31 December 2024, below the 5% threshold.

Voting control and the preferred shares

Two single shares of preferred stock, not the index funds, carry the control of Blackstone Inc.:

• Series II preferred stock — one share, held by Blackstone Group Management L.L.C., an entity owned by Blackstone’s senior managing directors and controlled by co-founder Stephen A. Schwarzman. It holds more than 50% of the voting power for the election of directors, and the certificate of incorporation requires its approval for certain corporate actions. Blackstone is accordingly a “controlled company” under NYSE corporate governance standards.
• Series I preferred stock — one share, held by Blackstone Partners L.L.C., likewise owned by the senior managing directors and controlled by Mr Schwarzman. It carries a number of votes equal to the aggregate vested and unvested Blackstone Holdings Partnership Units held by the limited partners of Blackstone Holdings, voting alongside the common stock.

Senior managing directors hold their economic interest largely through Blackstone Holdings Partnership Units, which are exchangeable for common stock on a one-for-one basis (one unit in each of the five Blackstone Holdings partnerships per share), subject to restrictions. As at 20 February 2026 Mr Schwarzman beneficially owned 231,924,793 such units, 52.2% of that class, and no shares of common stock; all current executive officers and directors as a group held 287,194,668 units, 64.6% of the class.

Ultimate beneficial ownership

The United States does not publish a beneficial-ownership register for SEC-reporting issuers, so no UBO is recorded in a register. On the strength of the company’s own filings, control over Blackstone Inc. rests with Stephen A. Schwarzman, who controls both preferred stockholder entities and therefore the voting power for the election of directors. No effective percentage of Blackstone Inc. is calculated here: his disclosed 52.2% relates to the Blackstone Holdings Partnership Unit class, not to Blackstone Inc.’s common stock, and the two classes are not aggregated in the filing.

Data availability

Major shareholders only. For a US listed issuer, only holders crossing the 5% Schedule 13D/13G threshold and the beneficial ownership of directors and executive officers are published; the remaining free float is not attributable to named holders. Note that the two institutional rows in the structured shareholder table above are dated 4 September 2026 and carry percentages (18.11% and 4.61%) that do not reconcile with 742,180,737 shares outstanding — 71,667,695 shares would be about 9.7%, and 18,187,829 shares about 2.45%. They should be read as reportable institutional fund positions with an unreliable denominator, not as the ownership of the firm; and the “Vanguard Group Inc” row is superseded by that filer’s nil report of March 2026.

Sources

• U.S. Securities and Exchange Commission — Blackstone Inc., Annual Report on Form 10-K for the year ended 31 December 2025 (Item 12, Security Ownership), filed 27 February 2026. sec.gov. Retrieved 24 September 2026.
• U.S. Securities and Exchange Commission — Schedule 13G/A, The Vanguard Group, Inc. on Blackstone Inc., event date 13 March 2026, filed 26 March 2026. sec.gov. Retrieved 24 September 2026.
• U.S. Securities and Exchange Commission — Schedule 13G, Vanguard Capital Management LLC on Blackstone Inc., event date 31 March 2026, filed 29 April 2026. sec.gov. Retrieved 24 September 2026.
• U.S. Securities and Exchange Commission — Schedule 13G/A, Capital World Investors on Blackstone Inc., event date 31 December 2024, filed 13 February 2025. sec.gov. Retrieved 24 September 2026.

Directors and officers of Blackstone Inc.

Blackstone Inc. does not file a proxy statement — as a controlled company it relies on exemptions from the U.S. proxy rules, and no DEF 14A appears on its SEC filing history — so Part III of its Annual Report on Form 10-K is the authoritative list. The 10-K for the year ended 31 December 2025, filed on 27 February 2026, discloses eleven directors and executive officers in office at that date: eight directors, five of whom (James W. Breyer, Reginald J. Brown, Rochelle B. Lazarus, William G. Parrett and Ruth Porat) the company identifies as independent under NYSE rules, and three further executive officers who do not sit on the board.

The board comprises Stephen A. Schwarzman (Co-Founder, Chairman and Chief Executive Officer; elected Chairman effective 20 March 2007), Jonathan D. Gray (President and Chief Operating Officer; director since February 2012, appointed to his executive role in 2018), Joseph P. Baratta (Global Head of Private Equity Strategies; director since March 2020), and the five independent directors: Mr Parrett (November 2007), Ms Lazarus (July 2013), Mr Breyer (July 2016), Ms Porat (June 2020) and Mr Brown (September 2020). The executive officers who are not directors are Michael S. Chae (Vice Chairman and Chief Financial Officer), John G. Finley (Chief Legal Officer) and Vikrant Sawhney (Chief Administrative Officer and Global Head of Institutional Client Solutions, since September 2019). The board operates audit, compensation and executive committees, with Mr Parrett chairing the audit committee. Directors are appointed by the holder of the Series II preferred stock rather than elected by common stockholders.

Recent officer changes

• Michael S. Chae — appointed Vice Chairman in January 2025, continuing as Chief Financial Officer, a role he has held since August 2015. Source: Form 10-K for 2025, filed 27 February 2026.
• Kelly A. Ayotte — ceased to be a director effective 14 November 2024. Source: Form 10-K for 2024, filed 28 February 2025.
• Brian Mulroney — ceased to be a director effective 29 February 2024. Source: Form 10-K for 2024, filed 28 February 2025.

No Current Report on Form 8-K reporting a change of directors or principal officers has been filed since, so the February 2026 list is the most recent official position.

Data availability

Full for the registrant’s directors and executive officers: names, roles, ages and the dates on which each director joined the board are disclosed, together with dated departures. Nationality is not disclosed — SEC filings do not record citizenship, and nothing here should be read as indicating any individual’s nationality or country of residence. 345 Park Avenue, New York is the company’s principal executive office and serves as the correspondence address for its officers; it is not a residential address. The structured officer records above are incomplete against this filing: they hold five rows of seventeen, omit five of the eight directors and the Chief Financial Officer, carry no appointment dates, and include senior managing directors of an operating business who are not directors or executive officers of Blackstone Inc.

Sources

• U.S. Securities and Exchange Commission — Blackstone Inc., Annual Report on Form 10-K for the year ended 31 December 2025 (Item 10, Directors, Executive Officers and Corporate Governance), filed 27 February 2026. sec.gov. Retrieved 24 September 2026.
• U.S. Securities and Exchange Commission — Blackstone Inc., Annual Report on Form 10-K for the year ended 31 December 2024, filed 28 February 2025. sec.gov. Retrieved 24 September 2026.

Group structure of Blackstone Inc.

Blackstone Inc. has no parent company: it is the top entity of the group and a Delaware corporation. Its business is conducted through five holding partnerships — Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P. — of which Blackstone is the sole general partner through wholly owned subsidiaries and which it therefore consolidates.

Exhibit 21.1 to the Form 10-K for 2025 lists roughly 1,485 entities included in Blackstone Inc.’s consolidated results as at 31 December 2025. By jurisdiction of organisation the list is dominated by Delaware (929), the Cayman Islands (358), Luxembourg (85), the United Kingdom (44) and Canada (37), with small numbers in China, New York, India, South Korea, Ireland, Australia, Singapore, Jersey, Texas, Hong Kong, Mauritius, Israel, Bermuda, Switzerland, Mexico, Germany, Japan and Spain.

The distinction that matters for an asset manager: the investment funds Blackstone manages, and the portfolio companies those funds own, are not subsidiaries of Blackstone Inc. Blackstone consolidates an entity only where it controls it through a majority voting interest, where the general partner holds a controlling financial interest, or where it is the primary beneficiary of a variable interest entity. Where a fund vehicle is consolidated, the 10-K states that its assets can be used only to settle that vehicle’s own obligations and that its liabilities have no recourse to the general credit of Blackstone.

Verified corporate relationships

Data availability

Partial. Exhibit 21.1 gives a complete list of consolidated entities with their jurisdiction of organisation, but publishes no registration numbers and no ownership percentages, and US disclosure does not require an entity-by-entity ownership chain. Registration numbers in the table above are New York Department of State foreign-authorisation records, which evidence the entity’s presence in New York rather than its organisational registration.

Caution on the corporate-structure graph above. The stored tree holds 1,223 nodes, 855 of them attached directly to Blackstone Inc., and it does not distinguish relationship types. It mixes genuine consolidated subsidiaries (for example Blackstone Holdings I L.P., Blackstone Holdings Finance Co. L.L.C. and Blackstone Securities Partners L.P.) with fund partnerships and their general-partner and “Associates” vehicles, and with operating companies owned by Blackstone-managed funds — Spanx, LLC, HealthEdge Software, Inc., Rover Group, Inc., Great Wolf Resorts Holdings, Inc., Sphera Solutions, Inc., International Data Group, Inc., Safe Harbor Marinas, LLC and The Chamberlain Group LLC among them. None of those eight appears in Exhibit 21.1, and none is a subsidiary of Blackstone Inc. The tree also carries no ownership percentage, no relationship type and no effective date, so current and historical links cannot be told apart. Finally, the root node of that tree is labelled with registration number “US NY 4315990”, which in the New York Department of State register belongs to an unrelated Ohio limited liability company, Jester-Coutts Insurance Agency, Ltd.

Sources

• U.S. Securities and Exchange Commission — Blackstone Inc., Exhibit 21.1 (List of Subsidiaries) to the Annual Report on Form 10-K for the year ended 31 December 2025, filed 27 February 2026. sec.gov. Retrieved 24 September 2026.
• U.S. Securities and Exchange Commission — Blackstone Inc., Annual Report on Form 10-K for the year ended 31 December 2025 (Note 1 Organization; Note 2 Summary of Significant Accounting Policies — Consolidation; Note 12 Borrowings), filed 27 February 2026. sec.gov. Retrieved 24 September 2026.
• New York State Department of State, Division of Corporations — Active Corporations dataset (data.ny.gov), records for DOS IDs 3530743, 3530784, 3531928, 5790130, 6038806 and 4315990. data.ny.gov. Retrieved 24 September 2026.