Blackstone Inc.

Blackstone’s corporate balance sheet is conservatively managed: $20.9B of cash and net investments, $11.8B debt (par), A+/A+ ratings, and a largely undrawn $4.3B revolver. This, combined with $188.1B of fund dry powder, provides ample resilience and offensive optionality in dislocated markets.

At the platform level, LTM dividends paid to common shareholders totaled $4.69 per share on Distributable Earnings of $7.0B. The firm also holds $6.5B of net accrued performance revenues that can convert to cash as realizations occur. These features allowed Blackstone to sustain variable distributions through softer environments.

Risks: funding needs for seed/GPS stakes and working capital are modest; principal investments are liquid in large part. Overall, bankruptcy risk is negligible under severe stress scenarios.