黑石集团美股招股说明书(2025-10-30版)

Blackstone Reg Finance Co. L.L.C. $600,000,000 4.300% Senior Notes Due 2030$600,000,000 4.950% Senior Notes Due 2036 Fully and unconditionally guaranteed, as described herein, byBlackstone Inc.Blackstone Holdings I L.P.Blackstone Holdings AI L.P.Blackstone Holdings II L.P.Blackstone Holdings III L.P.Blackstone Holdings IV L.P. The notes will be fully and unconditionally guaranteed on a joint and several basis by Blackstone Inc., Blackstone Holdings I L.P., Blackstone Holdings AI L.P., Blackstone HoldingsII L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P. and any other entity that becomes a guarantor of the notes as required under the provisions described in “Description of theNotes—Guarantees” (collectively, the “Guarantors”). The Guarantors are all holding entities, and the notes are not guaranteed by any fee generating businesses or funds of Blackstone Inc.The Issuer is an indirect finance subsidiary of Blackstone Inc. and has no operations or assets other than in such capacity. The 2030 notes will mature on November 3, 2030 and the 2036 noteswill mature on February 15, 2036. The notes will bear interest from and including November 3, 2025 at an annual rate of 4.300% in the case of the 2030 notes and of 4.950% in the case of the 2036 notes. Interest on the2030 notes will be payable semi-annually in arrears on May 3 and November 3, beginning on May 3, 2026. Interest on the 2036 notes will be payable semi-annually in arrears on February 15and August 15, beginning on February 15, 2026. See “Description of the Notes—Principal and Interest.” At any time prior to maturity, the Issuer may redeem all or a portion of the notes atthe applicable redemption prices described in this prospectus supplement under “Description of the Notes—Optional Redemption of the Notes.” Upon a Change of Control Repurchase Event(as defined in “Description of the Notes—Offer to Repurchase Upon a Change of Control Repurchase Event”), the Issuer will be required to make an offer to repurchase all outstanding notesat a price in cash equal to 101% of the principal amount of the notes, plus any accrued and unpaid interest to, but not including, the repurchase date, as described in this prospectus supplementunder “Description of the Notes—Offer to Repurchase Upon a Change of Control Repurchase Event.” The notes and the guarantees will be the Issuer’s and the Guarantors’ direct, unsecured and unsubordinated obligations and will (a)rank equally in right of payment with all of theirrespective existing and future unsecured and unsubordinated indebtedness, liabilities and other obligations, (b)rank senior in right of payment to all existing and future subordinatedindebtedness, (c)be effectively subordinated in right of payment to all of their respective existing and future secured indebtedness, to the extent of the value of the assets securing thatindebtedness and (d)be structurally subordinated in right of payment to all existing and future indebtedness, liabilities and other obligations of each subsidiary of the Issuer or the relevantGuarantor (that is not itself the Issuer or a Guarantor). See “Description of the Notes—Ranking.” The notes will be issued in book-entry form in denominations of $2,000 and multiples of $1,000 in excess thereof. We do not intend to list the notes on any securities exchange. For a more detailed description of the notes, see “Description of the Notes.” Investing in the notes involves risks. See “Risk Factors” beginning on pageS-11and in the documents we have incorporated by referenceherein. Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or disapproved of these securities or determined if thisprospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense. (1)Plus accrued interest, if any, from November 3, 2025. We expect to deliver the notes to purchasers on or about November 3, 2025, only in book-entry form through the facilities of The Depository Trust Company, for the account of itsparticipants, including Clearstream Banking S.A. and Euroclear Bank SA/NV. TABLE OF CONTENTS About This Prospectus SupplementWhere You Can Find More Information; Incorporation of Certain Documents by ReferenceCautionary Note Regarding Forward-Looking StatementsSummaryRisk FactorsGuarantor DisclosuresUse of ProceedsDescription of the NotesBook-Entry; Delivery and FormCertain United States Federal Income Tax ConsequencesUnderwriting (Conflicts of Interest)Legal MattersExperts PROSPECTUS About This ProspectusBlackstone Inc.Risk FactorsCautionary Note Regarding Forward-Looking StatementsGuarantor DisclosuresUse of ProceedsDescription of Capital StockDescription of Debt Securities and GuaranteesDescription of Depositary SharesDescription of WarrantsDescription of Purchase ContractsDescription of UnitsPlan of DistributionLegal MattersExpertsWhere You Can Find More Information ABOUT THIS