Material Agreement, Financial Obligation (Form 8-K)

On October 16, 2025, Blackstone Holdings Finance Co. L.L.C., as borrower (the "Borrower"), and Blackstone Holdings AI L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. and Blackstone Holdings IV L.P., as guarantors (collectively, the "Guarantors"), entered into an amended and restated $4.325 billion revolving credit facility (the "New Credit Facility") with Citibank, N.A., as administrative agent, and the lenders party thereto.

The New Credit Facility amends and restates the existing revolving credit facility entered into on March 23, 2010 and as most recently amended and restated on December 15, 2023 (the "Existing Credit Facility"). The Borrower and the Guarantors are indirect subsidiaries of Blackstone Inc.

The New Credit Facility, among other things, (1) extends the maturity date of the revolving credit facility from December 15, 2028 to October 16, 2030 and (2) increases the aggregate required minimum amount of fee generating assets under management from $294.0 billion to $355.0 billion.

The New Credit Facility contains customary representations, covenants and events of default applicable to the Borrower, the Guarantors and certain of their subsidiaries, which are (other than as described above) substantially similar to those under the Existing Credit Facility. Financial covenants consist of a maximum net leverage ratio and a requirement to keep a minimum amount of fee generating assets under management, each tested quarterly. The New Credit Facility is unsecured.

The preceding is a summary of the terms of the New Credit Facility and is qualified in its entirety by reference to the Amended and Restated Credit Agreement dated as of October 16, 2025, among the Borrower, the Guarantors, Citibank, N.A., as administrative agent and the lenders party thereto, a copy of which is attached as Exhibit 10.1 to this report, and which is incorporated herein by reference as though it were fully set forth herein.

The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.