The following table presents each of Blackstone’s borrowings as of March 31, 2023 and December 31, 2022, as well as their carrying value and fair value. The borrowings are included in Loans Payable within the Condensed Consolidated Statements of Financial Condition. Each of the Senior Notes were issued at a discount through Blackstone’s indirect subsidiary, Blackstone Holdings Finance Co. L.L.C. The Senior Notes accrue interest from the issue date thereof and pay interest in arrears on a semi-annual basis or annual basis. The Secured Borrowings were issued at par, accrue interest from the issue date thereof and pay interest in arrears on a quarterly basis. CLO Notes Payable pay interest in arrears on a quarterly basis.


	March 31, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
Description	Value		Value		Value		Value
Blackstone Operating Borrowings
Senior Notes (a)
4.750%, Due 2/15/2023	$	—	$	—	$	399,838	$	399,776
2.000%, Due 5/19/2025		329,494		309,116		325,292		305,754
1.000%, Due 10/5/2026		651,266		579,648		642,968		568,525
3.150%, Due 10/2/2027		298,194		276,684		298,101		271,284
5.900%, Due 11/3/2027		594,632		614,430		594,381		606,450
1.625%, Due 8/5/2028		644,692		541,580		644,456		530,933
1.500%, Due 4/10/2029		654,063		551,755		645,819		532,043
2.500%, Due 1/10/2030		492,844		418,645		492,604		405,965
1.600%, Due 3/30/2031		496,103		378,050		495,990		365,380
2.000%, Due 1/30/2032		788,379		612,040		788,082		589,407
2.550%, Due 3/30/2032		495,322		400,425		495,207		390,370
6.200%, Due 4/22/2033		891,429		943,911		891,277		907,965
3.500%, Due 6/1/2034		511,317		459,590		504,695		452,934
6.250%, Due 8/15/2042		239,245		260,855		239,176		251,480
5.000%, Due 6/15/2044		489,770		442,719		489,704		441,355
4.450%, Due 7/15/2045		344,584		280,714		344,549		287,242
4.000%, Due 10/2/2047		290,988		227,610		290,935		227,946
3.500%, Due 9/10/2049		392,303		275,784		392,259		275,588
2.800%, Due 9/30/2050		393,994		242,052		393,958		237,552
2.850%, Due 8/5/2051		543,200		320,870		543,162		323,527
3.200%, Due 1/30/2052		987,198		640,780		987,131		646,880

		10,529,017		8,777,258		10,899,584		9,018,356
Other (b)
Secured Borrowing, Due 10/27/2033		20,000		20,000		—		—
Secured Borrowing, Due 1/29/2035		20,000		20,000		—		—

		10,569,017		8,817,258		10,899,584		9,018,356

Borrowings of Consolidated Blackstone Funds
Blackstone Fund Facilities (c)		1,450,078		1,450,078		1,450,000		1,450,000
CLO Notes Payable (d)		292,374		292,374		—		—

		1,742,452		1,742,452		1,450,000		1,450,000

	$	12,311,469	$	10,559,710	$	12,349,584	$	10,468,356

(a)	Fair value is determined by broker quote and these notes would be classified as Level II within the fair value hierarchy.

(b)	The Secured Borrowing, Due 10/27/2033 has an interest rate of 6.97% and the Secured Borrowing, Due 1/29/2035 has an interest rate of 3.72 %. Prepayments of these borrowings may occur prior to maturity based on performance of the assets securing these borrowings.

(c)

Blackstone Fund Facilities represents borrowing facilities for the various consolidated Blackstone Funds used to meet liquidity and investing needs. Such borrowings have varying maturities and may be rolled over until the disposition or refinancing event. Borrowings bear interest at spreads to market rates or at stated fixed rates that can vary over the borrowing term. Interest may be subject to the performance of the assets within the fund and therefore, the stated interest rate and effective interest rate may differ.

(d)	CLO Notes Payable are due 10/15/2029 and have an effective interest rate of 6.97% as of March 31, 2023 .