[Form 4] Blackstone Inc. Insider Trading Activity

Rhea-AI Filing Summary

Joseph Baratta, a director of Blackstone Inc. (BX), reported a transaction dated 09/03/2025 involving Blackstone Holdings Partnership Units which can be exchanged for one share of Blackstone common stock per unit. The filing states he donated 60,000 partnership units to a charitable foundation. After the reported transactions the filing shows 2,223,058 shares directly beneficially owned and two indirect holdings: 4,188,950 shares held by a limited liability company managed by the reporting person and 142,237 shares held in a family trust where he is trustee. The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest.

Insights

Corporate Governance Expert

TL;DR: Director reported a charitable donation of partnership units; holdings remain concentrated in related entities.

The filing documents a non-sale transfer: 60,000 Blackstone Holdings Partnership Units were donated to a charitable foundation rather than sold on the open market, which typically has limited near-term market impact. The report clarifies ownership structure: a substantial direct stake of 2,223,058 shares plus significant indirect holdings via an LLC (4,188,950) and a family trust (142,237). For governance and disclosure purposes, the form appropriately notes the exchangeability of partnership units into common stock and the reporting person’s managerial/trustee roles for the entities holding indirect interests.

Securities Analyst

TL;DR: Transaction is a charitable gift of units, not a market disposition; no immediate liquidity signal to investors.

The action recorded is coded as a gift (charitable donation) of 60,000 partnership units, not a sale or exercise. Reported post-transaction beneficial ownership balances remain large and are split between direct and indirect holdings, which is relevant to assessing insider alignment but does not indicate a disposition for cash. The filing includes required footnotes explaining the exchange mechanics of the partnership units and the reporting person’s roles in the entities holding indirect positions.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)
09/03/2025

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)	09/03/2025		G(2)			60,000	(1)	(1)	Common Stock	60,000	$0	4,188,950	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	09/05/2025
	** 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 did Joseph Baratta report on Form 4 for BX?

The Form 4 reports a donation of 60,000 Blackstone Holdings Partnership Units dated 09/03/2025 and updates his beneficial ownership.

How many shares does Joseph Baratta directly and indirectly beneficially own after the transaction?

The filing shows 2,223,058 shares directly and indirect holdings of 4,188,950 shares (LLC) and 142,237 shares (family trust) following the transaction.

Are the partnership units exchangeable for Blackstone common stock?

Yes. The filing states each Blackstone Holdings Partnership Unit may be exchanged for one share of common stock, subject to partnership agreement restrictions.

Was this a sale or disposition for cash?

No. The transaction is described as a charitable donation of 60,000 partnership units, not a sale for cash.

Who signed the Form 4 and when?

The form is signed by Victoria Portnoy as Attorney-In-Fact on 09/05/2025.