What Blackstone Inc. told the SEC could break it.

Blackstone depends on the efforts, skill, reputations and business contacts of its co-founder Stephen A. Schwarzman and other key senior managing directors and personnel; the loss of their services would have a material adverse effect on the business, results and financial condition.

“We depend on our co-founder and other key senior managing directors and personnel, and the loss of their services would have a material adverse effect on our business, results and financial condition. We depend on the efforts, skill, reputations and business contacts of our co-founder, Stephen A. Schwa[rzman]”

Many Blackstone fund investments rely heavily on leverage — indebtedness may constitute 70% or more of a portfolio company's or real-estate asset's total capitalization — so achieving attractive returns depends on access to sufficient indebtedness at attractive rates.

“Many of our funds' investments rely heavily on the use of leverage, and our ability to achieve attractive rates of return on investments will depend on our ability to access sufficient sources of indebtedness at attractive rates. For example, in many private equity and real estate investments, indebtedness may constitute as much as 70% or more of a portfolio company's or real estate asset's total debt and equity capitalization”

U.S. tariffs on foreign goods (steel, aluminum; China, Canada, Mexico) and retaliatory tariffs could raise costs and reduce competitiveness of Blackstone's portfolio companies; in February 2026 the U.S. Supreme Court invalidated many tariffs as exceeding authority, after which the administration imposed a global tariff under a different law — leaving the trade-policy outlook unclear.

“In February 2026, the U.S. Supreme Court ruled that many of the tariffs recently imposed by the U.S. government exceeded its authority, thereby invalidating many, but not all, of such tariffs. Subsequent to the U.S. Supreme Court's ruling, the U.S. Presidential administration raised potential alternative means through which the administration could impose tariffs and subsequently imposed a global tariff under a different law.”

Severe weather and climate-related events (floods, wildfires, etc.) can adversely affect Blackstone funds' portfolio companies and investments — especially real-asset investments and companies relying on physical factories, plants, stores or tourism/recreational travel — with frequency and impact expected to increase.

“floods, or wildfires, can have an adverse impact on certain of our funds' portfolio companies and investments, especially our real asset investments and portfolio companies that rely on physical factories, plants, stores or other assets located in the affected areas, or that focus on tourism or recreational travel. As the effects of climate change increase, we expect the frequency and impact of weather- and climate-related events and conditions to increase as well.”