BX updates credit facility, lifts fee‑AUM covenant to $355B

Rhea-AI Filing Summary

Blackstone Inc. reported that its subsidiaries entered into an amended and restated $4.325 billion revolving credit facility. The agreement, with Citibank as administrative agent, extends the maturity to October 16, 2030 and remains unsecured.

The facility also raises the required minimum fee‑generating AUM to $355.0 billion, up from $294.0 billion. It includes customary covenants and events of default, with financial covenants comprising a maximum net leverage ratio and a quarterly-tested minimum level of fee‑generating AUM.

Insights

Credit Markets Analyst

Revolver extended to 2030; higher AUM covenant raises compliance bar; liquidity access maintained.

Blackstone’s finance subsidiaries amended and restated a $4.325 billion unsecured revolving credit facility. Key changes: maturity moves from December 15, 2028 to October 16, 2030, and the minimum fee‑generating AUM covenant rises from $294.0 billion to $355.0 billion. The facility includes customary representations, covenants, and events of default, with quarterly tests for a maximum net leverage ratio and the AUM threshold.

Extension improves duration of committed liquidity, reducing near‑term refinancing needs. Keeping the line unsecured preserves asset flexibility. The higher AUM minimum tightens the covenant framework, which increases the required operating base to keep the facility available; this shifts headroom dynamics even as overall access remains intact.

Items to watch: quarterly compliance with the minimum fee‑generating AUM and the net leverage covenant, any future amendments affecting size or terms, and utilization patterns through 2030. The full terms are in Exhibit 10.1, the Amended and Restated Credit Agreement dated October 16, 2025.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 16, 2025

Blackstone Inc.

(Exact name of Registrant as specified in its charter)

Delaware		001-33551		20-8875684
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

345 Park Avenue New York, New York		10154
(Address of principal executive offices)		(Zip Code)

(212) 583-5000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		BX		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On October 16, 2025, Blackstone Holdings Finance Co. 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 lenders party thereto.

The New Credit Facility amends and restates the existing revolving credit facility entered into on March 23, 2010 and as most recently amended and restated on December 15, 2023 (the “Existing Credit Facility”). The Borrower and the Guarantors are indirect subsidiaries of Blackstone Inc.

The New Credit Facility, among other things, (1) extends the maturity date of the revolving credit facility from December 15, 2028 to October 16, 2030 and (2) increases the aggregate required minimum amount of fee generating assets under management from $294.0 billion to $355.0 billion.

The New Credit Facility contains customary representations, covenants and events of default applicable to the Borrower, the Guarantors and certain of their subsidiaries, which are (other than as described above) substantially similar to those under the Existing Credit Facility. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee generating assets under management, each tested quarterly. The New Credit Facility is unsecured.

The preceding is a summary of the terms of the New Credit Facility and is qualified in its entirety by reference to the Amended and Restated Credit Agreement dated as of October 16, 2025, among the Borrower, the Guarantors, Citibank, N.A., as administrative agent and the lenders party thereto, a copy of which is attached as Exhibit 10.1 to this report, and which is incorporated herein by reference as though it were fully set forth herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1		Amended and Restated Credit Agreement, dated as of October 16, 2025, among Blackstone Holdings Finance Co. L.L.C., as borrower, 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, Citibank, N.A., as administrative agent, and the lenders party thereto.
104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 17, 2025
				Blackstone Inc.
				By:		/s/ Victoria Portnoy
				Name:		Victoria Portnoy
				Title:		Managing Director - Assistant Secretary

FAQ

What did BX change in its credit facility?

Blackstone’s subsidiaries amended and restated a revolving credit facility totaling $4.325 billion, extending its maturity and updating covenants.

When does the amended facility now mature for BX?

The maturity was extended to October 16, 2030, from December 15, 2028.

What is the new minimum fee-generating AUM covenant for BX?

The required minimum fee‑generating AUM increased to $355.0 billion from $294.0 billion.

Is the updated Blackstone credit facility secured?

No. The amended revolving credit facility is unsecured.

Who are the parties to Blackstone’s amended facility?

Borrower: Blackstone Holdings Finance Co. L.L.C.; Guarantors: several Blackstone Holdings L.P. entities; Administrative Agent: Citibank, N.A..

How are the financial covenants structured for BX?

They include a maximum net leverage ratio and a minimum fee‑generating AUM, each tested quarterly.