Estate-planning gift by Blackstone (BX) director shifts LLC interests

Rhea-AI Filing Summary

Blackstone Inc. director Joseph Baratta reported an estate-planning gift involving Blackstone Holdings Partnership Units. Interests in a limited liability company associated with him were gifted to a family trust, representing 41,290 Blackstone Holdings Partnership Units, in a bona fide gift transaction at a price of $0 per unit.

The limited liability company continues to hold 4,128,950 Blackstone Holdings Partnership Units, while additional units are held directly and through a family trust. Each partnership unit is exchangeable, subject to partnership agreement conditions, for one share of Blackstone Inc. common stock, and the units have no expiration date.

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)
02/11/2026

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 Units	(1)	02/11/2026		G(2)			41,290	(1)	(1)	Common Stock	41,290	$0	4,128,950(2)	I	See footnote(3)
Blackstone Holdings Partnership Units	(1)	02/11/2026		G(2)		41,290		(1)	(1)	Common Stock	41,290	$0	4,128,950(2)	I	See footnote(3)
Blackstone Holdings Partnership Units	(1)							(1)	(1)	Common Stock	2,223,058		2,223,058	D
Blackstone Holdings Partnership Units	(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. For estate planning purposes, the Reporting Person gifted interests in the limited liability company described herein to a trust for the benefit of the Reporting Person's family members, of which the Reporting Person and his spouse are trustees. Such limited liability company holds Blackstone Holdings Partnership Units. The number of Blackstone Holdings Partnership Units reported as subject to this gift represents the portion of such units that corresponds to the limited liability company interests transferred to the trust. This transaction did not change the number of Blackstone Holdings Partnership Units held by the limited liability company, which continues to hold 4,128,950 Blackstone Holdings Partnership Units.

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	02/13/2026
	** 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).
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FAQ

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

Blackstone Inc. disclosed an estate-planning transaction where interests in a limited liability company associated with director Joseph Baratta were gifted to a family trust, representing 41,290 Blackstone Holdings Partnership Units, reported as a bona fide gift at a price of $0 per unit.

Who is the reporting person in this Blackstone Inc. (BX) Form 4 filing?

The reporting person is Joseph Baratta, a director of Blackstone Inc. The filing reports his indirect beneficial interests in Blackstone Holdings Partnership Units held through a limited liability company and a trust for the benefit of his family members.

How many Blackstone Holdings Partnership Units were involved in the gift related to BX?

The estate-planning gift involved interests corresponding to 41,290 Blackstone Holdings Partnership Units. These units are held by a limited liability company whose interests were partially transferred to a family trust, while the company continues to hold 4,128,950 units in total.

Did the number of units held by the LLC associated with BX change due to this Form 4 transaction?

The number of Blackstone Holdings Partnership Units held by the limited liability company did not change. It continues to hold 4,128,950 units; only interests in the limited liability company were gifted to a family trust for estate-planning purposes.

What rights do Blackstone Holdings Partnership Units provide in relation to Blackstone Inc. (BX) stock?

Each Blackstone Holdings Partnership Unit can be exchanged, subject to partnership agreement requirements and transfer restrictions, for one share of Blackstone Inc. common stock. These units have no expiration date and may only be exchanged through transactions or programs approved by Blackstone.

How are the gifted BX-related partnership units held after the Form 4 transaction?

The gifted interests relate to units held by a limited liability company, with the transferred portion now reflected in a trust for the benefit of Joseph Baratta’s family members. Baratta and his spouse serve as trustees of that trust, which indirectly holds Blackstone Holdings Partnership Units.