The company has continued to meaningfully increase its assets under management in perpetual capital vehicles, which represent a significant and growing portion of its overall business.

Blackstone's Private Wealth Solutions business is dedicated to building out its distribution capabilities in the private wealth channel to provide certain individual investors with access to Blackstone products across a broad array of alternative investment strategies.

Blackstone continues to innovate into new strategies, drive growth and better serve its investors, including those offered to retail investors and insurance companies.

The company continues to focus on hiring, training and retaining talented individuals, coupled with its rigorous investment process, which has supported its excellent investment record.

The company continues to focus on building inclusive workplaces and leveraging a people-driven framework based on recruiting, talent development, community and inclusion and accountability.

The board of directors plays an active role in overseeing human capital management efforts and senior management reviews with the board management succession planning and development and other key aspects of talent management strategy.

The company's business could be adversely affected by difficult market and economic conditions, including an economic slowdown, as well as geopolitical conditions or other global events, such as a pandemic or global health crisis, each of which could materially reduce revenue, earnings and cash flow.

An increase in interest rates and other changes in the financial markets could negatively impact the values of certain assets or investments and the ability of the company's funds and their portfolio companies to access the capital markets on attractive terms.

Cybersecurity or other operational risks could result in the loss of data, interruptions in the company's business and damage to its reputation, and subject it to regulatory actions, increased costs and financial losses.

The asset management industry is intensely competitive, and the company expects it to remain so. The company competes both globally and on a regional, industry and sector basis.

The company faces competition in the pursuit of attractive investment opportunities for its funds from a variety of sources, including sponsors managing other funds, investment vehicles and other pools of capital, other financial institutions and institutional investors, corporate buyers and other parties.

The company faces intense competition for the attraction and retention of qualified employees, and its ability to continue to compete effectively in its businesses will depend upon its ability to attract new employees and retain and motivate its existing employees.

The company maintains a rigorous investment process across all of its investment vehicles, with each investment vehicle having investment policies and procedures that generally contain requirements, guidelines and limitations for investments.

The company's investment professionals and Portfolio Operations professionals work with portfolio company senior executives to identify opportunities to drive operational efficiencies and growth.

The majority of the company's businesses have ESG policies that address, among other things, the review of ESG risks in the respective business's investment process.

Technological developments in artificial intelligence could disrupt the markets in which the company operates and subject it to increased competition, legal and regulatory risks and compliance costs.

The company is reliant on technology platforms and cloud-based services for various aspects of its business and is focused on advancing its capabilities in these areas.

The company maintains a comprehensive cybersecurity program, including policies and procedures designed to protect its systems, operations and data from anticipated threats or hazards.

The company primarily uses cash to provide capital to facilitate the growth of its existing businesses, provide capital for business expansion, pay operating expenses, service debt and pay dividends to stockholders.

Minimum general partner capital commitments to the company's investment funds are determined separately with respect to each of its investment funds and, generally, are less than 5% of the limited partner commitments of any particular fund.

In many cases, the company requires its senior managing directors and other professionals to fund a portion of the general partner capital commitments to its funds.

The company is subject to increasing scrutiny from regulators and certain investors with respect to the environmental, social and governance impacts of investments made by its funds.

The company's ESG strategy prioritizes reinforcing strong governance, accelerating decarbonization by investing in the energy transition and driving value-accretive emissions reduction in its portfolio and building workplaces by expanding talent pools.

The company is committed to ensuring its employees are engaged with their work and with their local communities and supports its employee affinity networks in their efforts to expand cultural awareness and connection across the firm.

The company's business is materially affected by financial market and economic conditions and events throughout the world that are outside of its control.

Turmoil in the global financial markets can provoke significant volatility of equity and debt securities prices, which can have a material and rapid impact on the company's mark-to-market valuations.

Geopolitical concerns and other global events outside of the company's control have contributed and may continue to contribute to volatile global equity and debt markets.