Blackstone (NYSE: BX) director reports gift of 60,000 partnership units

Rhea-AI Filing Summary

Blackstone Inc. director reported a charitable gift involving derivative securities linked to the company’s stock. On 12/10/2025, the reporting person donated 60,000 Blackstone Holdings Partnership Units to a charitable foundation. Each Blackstone Holdings Partnership Unit represents one limited partner interest in several Blackstone Holdings partnerships and can, subject to partnership agreement conditions and Blackstone-approved programs, be exchanged for one share of Blackstone Inc. common stock. Following the reported transactions, the filing shows 4,128,950 units held indirectly through a limited liability company, 2,223,058 units held directly, and 142,237 units held indirectly through a family trust. The reporting person disclaims beneficial ownership of these securities except to the extent of any pecuniary interest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Baratta Joseph

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVE

(Street)

NEW YORK NY 10154

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Blackstone Inc. [ BX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Blackstone Holdings Partnership Unit	(1)	12/10/2025		G(2)			60,000	(1)	(1)	Common Stock	60,000	$0	4,128,950	I	See footnote(3)
Blackstone Holdings Partnership Unit	(1)							(1)	(1)	Common Stock	2,223,058		2,223,058	D
Blackstone Holdings Partnership Unit	(1)							(1)	(1)	Common Stock	142,237		142,237	I	See footnote(4)

Explanation of Responses:

1. A "Blackstone Holdings Partnership Unit" collectively refers to one limited partner interest in each of Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and Blackstone Holdings AI L.P. Subject to the minimum retained ownership requirements and transfer restrictions set forth in the partnership agreements of the Blackstone partnerships, the holder has the right, exercisable from time to time, to exchange each Blackstone Holdings Partnership Unit for one share of Common Stock of Blackstone Inc. The Blackstone Holdings Partnership Units have no expiration date and may not be exchanged other than pursuant to transactions or programs approved by Blackstone.

2. The Reporting Person donated 60,000 Blackstone Holdings Partnership Units to a charitable foundation.

3. These Blackstone Holdings Partnership Units are held by a limited liability company, of which the Reporting Person is the manager.

4. These Blackstone Holdings Partnership Units are held by a trust for the benefit of the Reporting Person's family members, of which the Reporting Person is a trustee.

Remarks:

The Reporting Person disclaims beneficial ownership of the securities reported on this form except to the extent of his pecuniary interest therein.

	Victoria Portnoy as Attorney-In-Fact	12/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Blackstone (BX) disclose in this Form 4?

The filing reports that a Blackstone Inc. director donated 60,000 Blackstone Holdings Partnership Units on 12/10/2025 to a charitable foundation.

Who is the reporting person and what is their relationship to Blackstone Inc. (BX)?

The reporting person is identified as a director of Blackstone Inc. and filed the Form 4 as one reporting person.

What is a Blackstone Holdings Partnership Unit according to the Form 4?

A Blackstone Holdings Partnership Unit is one limited partner interest in each of several Blackstone Holdings partnerships and, subject to minimum ownership and transfer restrictions and Blackstone-approved programs, may be exchanged for one share of Blackstone Inc. common stock. The units have no expiration date.

How many Blackstone Holdings Partnership Units does the director own after the donation?

After the reported transactions, the filing shows 4,128,950 units held indirectly through a limited liability company, 2,223,058 units held directly, and 142,237 units held indirectly through a family trust.

How are the indirect Blackstone (BX) holdings structured for this director?

Certain Blackstone Holdings Partnership Units are held by a limited liability company managed by the reporting person, and others are held by a trust for family members, where the reporting person is a trustee.

Does the Blackstone director claim full beneficial ownership of all reported units?

No. The filing states that the reporting person disclaims beneficial ownership of the reported securities except to the extent of any pecuniary interest.