黑石集团 2024年度报告

SECURITIES AND EXCHANGE COMMISSION (Mark One)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ☒ENDEDDECEMBER 31,2024 OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITIONPERIOD FROMTO Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filer☒ Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its auditreport.☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒As of June30, 2024, the aggregate market value of the shares of common stock held by non-affiliates of the registrant was $88.2billion.As of February21,2025, there were729,415,925shares of common stock of the registrant outstanding.DOCUMENTS INCORPORATED BY REFERENCENone Table of Contents Table of Contents PagePart I.Item 1.Business7Item1A.Risk Factors22Item1B.Unresolved Staff Comments80Item1C.Cybersecurity81Item 2.Properties83Item 3.Legal Proceedings83Item 4.Mine Safety Disclosures83Part II.Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities84Item 6.(Reserved)86Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations86Item7A.Quantitative and Qualitative Disclosures About Market Risk148Item 8.Financial Statements and Supplementary Data152Item8A.Unaudited Supplemental Presentation of Statements of Financial Condition225Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure228Item9A.Controls and Procedures228Item9B.Other Information229Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections229Part III.Item10.Directors, Executive Officers and Corporate Governance230Item11.Executive Compensation237 Item12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem13.Certain Relationships and Related Transactions, and Director IndependenceItem14.Principal Accountant Fees and Services Table of Contents Forward-Looking Statements This report may contain forward-looking statements within the meaning of Section27A of the U.S. Securities Act of 1933, asamended, and Section21E of the U.S. Securities Exchange Act of 1934, as amended, which reflect our current views with respect to,among other things, our operations, taxes, earnings and financial performance, share repurchases and dividends. You can identifythese forward-looking statements by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,”“may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “scheduled,” “estimates,” “anticipates,” “opportunity,”“leads,” “forecast,” “possible” or the negative version of these words or other comparable words. Such forward-looking statementsare subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes orresults to differ mat