BX Insider Filing: Michael Chae Reports Donation and Trust Holdings

Rhea-AI Filing Summary

Blackstone Inc. (BX) Form 4: Michael Chae, CFO & Vice Chairman, reported a transaction dated 09/03/2025 in which he donated 29,410 Blackstone Holdings Partnership Units to a charitable foundation. The filing shows those partnership units can be exchanged for Blackstone Inc. common stock subject to partnership rules. After the reported transaction, the form discloses 5,321,076 shares of common stock beneficially owned directly by the reporting person and 1,150,070 shares beneficially owned indirectly through two family trusts (1,000,000 and 150,070 respectively) for which he serves as investment trustee. The reporting person disclaims beneficial ownership except to the extent of his pecuniary interest.

Insights

Financial Analyst

TL;DR: Routine insider reporting shows a small charitable donation of partnership units and large existing direct and indirect holdings remaining unchanged materially.

The Form 4 documents a donation of 29,410 Blackstone Holdings Partnership Units by Michael Chae rather than a market sale, which is unlikely to signal a liquidity-driven insider exit. The filing also clarifies the structure of his holdings: 5,321,076 common shares directly owned and 1,150,070 common shares attributable indirectly via family trusts. For investors, this is a disclosure of ownership composition and a non-sale transfer; there is no change to reported direct share count that would suggest a shift in insider conviction.

Corporate Governance Expert

TL;DR: Governance disclosure is standard; donation and trust holdings are transparently reported under Section 16 rules.

The Form 4 provides appropriate transparency about the nature of the partnership units, exchangeability into common stock subject to partnership restrictions, and the reporting person’s roles with respect to family trusts. The donation to a charitable foundation is properly reported and the filing includes the customary disclaimer of beneficial ownership except for pecuniary interest. This filing is a routine compliance disclosure rather than a governance concern.

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

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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^*

Chae Michael

(Last) (First) (Middle)

C/O BLACKSTONE INC.

345 PARK AVENUE

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO & Vice Chairman

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)			29,410	(1)	(1)	Common Stock	29,410	$0	5,321,076	D
Blackstone Holdings Partnership Unit	(1)							(1)	(1)	Common Stock	1,000,000		1,000,000	I	See footnote(3)
Blackstone Holdings Partnership Unit	(1)							(1)	(1)	Common Stock	150,070		150,070	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 29,410 Blackstone Holdings Partnership Units to a charitable foundation.

3. 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 the investment trustee.

4. These Blackstone Holdings Partnership Units are held by a trust for the benefit of the Reporting Person's children, of which the Reporting Person is the investment 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 transaction did Michael Chae report on the Form 4 for BX?

The Form 4 reports a donation of 29,410 Blackstone Holdings Partnership Units to a charitable foundation on 09/03/2025.

How many Blackstone (BX) common shares does the reporting person directly own according to the filing?

The filing shows 5,321,076 shares of Blackstone Inc. common stock beneficially owned directly following the reported transaction.

What indirect holdings does the Form 4 disclose for Michael Chae at BX?

The Form 4 discloses 1,000,000 and 150,070 Blackstone Holdings Partnership Units held in trusts for family members and children respectively, convertible into common stock and reported as indirect beneficial ownership.

Were any shares sold in this Form 4 filing for BX?

No sale is reported; the 29,410 partnership units were donated to a charitable foundation rather than sold.

Does the filing indicate the partnership units can become common stock for BX?

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